Hi… I’m a newbie here and would love if someone could give me an idea of the CGT I will be liable for if I sell my IP. I purchased an apartment in a Sydney suburb 4 years ago at $131k and am looking at selling it for about $180k. I earn about $49k per year gross salary. thks!
it depends if you purchased it under your own name or not.
if under a company – then you will pay 25% of the CG in tax.
if under an individual, then the profit is added to your income and then you are taxed but you can minus the expenses.
i suggest you post this question in the forum of accounting or better still, just call up your accountant and ask him/her – they can figure it out and tell you directly how much it will be.
Kind Regards,
George.“If You never never ask, you’ll never never know”
thanks George… yes I think I will give my accountant a call tomorrow. [smiling]
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