capital gains tax and marginal rate?

Viewing 4 posts - 1 through 4 (of 4 total)

JenD
Participant
@jend
Join Date: 2004
Post Count: 33
May 27, 2005 - 3:09 pm
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,
Jen
Don Nicolussi
Participant
@don
Join Date: 2005
Post Count: 1,086
May 27, 2005 - 4:13 pm
Hi,
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 | Property Fan
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Learning, having fun and doing it!
AUSPROP
Participant
@ausprop
Join Date: 2003
Post Count: 953
May 27, 2005 - 4:28 pm
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.au
John Carroll
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 28, 2005 - 6:41 am
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
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au