I was wondering if anyone could answer a couple of questions I have about selling property in the ACT. Specifically, I’d like to know:
a) Do you have to pay capital gains taxes if you’ve owned the property for more than a year?; AND
b) Do you only pay stamp duty when buying property, or does it apply to selling too?Any links would also be appreciated.
ThanksIn response to your questions:-
a) If it is a PPOR, you don’t have to pay capital gains tax. If it is an IP you would still have to pay capital gains after owning the property for one year, but it would be at half the rate. ie. Marginal Tax Bracket * 50% * Capital Gain
b) You only have to pay stamp duty when buying a property in the ACT.
A good link is http://www.revenue.act.gov.au
Thanks,
Luckyone
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