Hi, I know this is a stupid question (yet again!) but I’m confused by the paying of capital gains tax at your marginal of tax – does this mean if you make under $6,000 and hence pay no tax that if you made a capital gains (say $50,000) that you would not have to pay tax on it?
Excuse my ignorance!
Cheers,
JenHi,
This one came up the other day. Try the search function or go straight to the ATO site. Good luck with your research.( it caused a bit of heated discussion)
Cheers
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
in summary though, the answer is no.
for all tax questions, my attitude is just assume the worst. Whenever I think I can see a loop hole, it has inevitably been spotted by much cleverer people many moons ago and well and truly shut by our good friends at the ATO!
http://www.megainvestments.com.auJohn Carroll
You would take off all discounts etc first and then add the assessible gain to your other income. If this was $50,000 and you had a $1000 income from employment, you new taxable income for the year would be $51,000. You would then have to pay tax on this $50,000 just the same as if it was from wages.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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