capital gains tax

Viewing 5 posts - 1 through 5 (of 5 total)

dee berry
Member
@dee-berry
Join Date: 2005
Post Count: 6
May 21, 2005 - 1:25 am
Hi,
I am a new member and enjoy reading the variety of messages and responses. Could someone help me out…I would like some information for selling a unit in Perth and paying capital gains tax. I have never lived in it, it’s a rental. I would be selling it myself. All replies would be great.
Dee
Brady5
Participant
@brady5
Join Date: 2005
Post Count: 21
May 21, 2005 - 7:30 am
Hi Dee Berry,
I am no expert so please seek professional advice, but my understanding is::
Say you make $100,000 on your investment,
$50,000 is yours (ie no tax) and the other 50% profit (ie $50,000) is taxed at a rate at which your personal income tax is assesd eg 30%.
It worries me that you you are trying to sell it yourself!!
We all know why, but the odds are against you and I am NOT a realestate agent. I find the relationships you develope from engaging agents, can materialize into financial gains for the future.
Anyhow, good luck. Hope this is of some help.
Brady5
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 21, 2005 - 7:36 am
My understanding is:
Costs are deducted from profit (including stamp duty, legals, agents comm etc). This figure is then halved, if you have held the asset for more than 12 months. This fgure is then added to your income, and you pay extra tax accordingly.
Terryw
Discover Home Loans
North Sydney
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Luci
Member
@luci
Join Date: 2005
Post Count: 114
May 24, 2005 - 12:40 am
Have you checked out the ato website? http://www.ato.gov.au
Should have all the tax info you want and more.
dee berry
Member
@dee-berry
Join Date: 2005
Post Count: 6
May 24, 2005 - 9:04 am
Thanks guys for the useful information.
Cheers
Dee