Capital gains tax

In this situation the CGT could be totally exempt. Under the main residence absence rule. s118-145 ITAA 1997.

It would depend on your circumstances though.

http://www.capitalgainstax.com.au/capital-gains-tax-calculator.htm

it is complicated to explain. joint ownership you split the capital gain 50% each owner

>12 months ownership from contact dates not settlement dates then another 50% discount

Then cost base has to be considered to subtract from the final profit
http://www.ato.gov.au/corporate/content.aspx?doc=/content/36557.htm

But you can't double dip on this soas an example if you rented and claimed interest costs against rent each year then you can't claim interest costs as a holding cost on cost base.

what ever is left is added to your margin tax income to calculate what tax you will pay.

The section in the tax act, s118-145 ITAA, allows you to be legitimately absent from your property and legitmately renting it out. No need to have the mail go there if you don't live there.

You should see your accountant as it is possible you may pay no tax.

But assuming the absence rule doesn’t apply, then it is worked out roughly like this:

Sale price – Purchase price less costs of buying/selling (stamp duty, agents fees, legals etc) plus any depreciation claimed.

$320,000 – 267,000 = $53,000 less costs, say $15,000 plus depreciation claimed, say $5,000 = $43,000

As you have held it more than 12 months you will get the 50% discount, so this is reduced to $21,500

This is added to your other income, so the max tax you would pay would be around half = $11,000 apprx

Very rough figures though.