will this work? or how far off am i
take next financiol year off work to study etc, keep my net income below 6k (tax free threshold)
sell a property of mine with 300k profit, contract date 1/7/09,
how much CGT will apply?
(have held for over 12 months.
own my own home outright and
will get int in advance loan at end of year
so net income below 6k will be no problem)You will qualify for the 50% discount if you have owned the property for 12 + months – taking your assessable income for the property to $150K. You will then have to add it on to any other income you have earnt for the year (which will def take you over the $6K threshold)and pay tax accordingly – this years rate for $150,001 is $52,200 tax payable plus 45c for each $1.00 over $150,000
If you don't crack the $150K mark the tax will be levied at $22,200 plus 40c for every $1 over $75,000
Although I would go see your accountant and see if you can employ any tax minimisation strategies.
Hope this helps
Talk to your accountant prior to deciding upon any course of action – it should save you a lot of time.
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