CGT question

Hi Brendan

The year finishes when you sign the contract of sale, and not on the settlement date. Check with your accountant to be really sure of the rules.

Mum

The taxable capital gain will be added to your other income (employment and other investment income). Your total income will then be taxed at the rates found here:
http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm&mnu=5053&mfp=001

There is a 12 month CGT discount for individuals and trusts (ie you hold the asset for longer than 12 months). see details and an example here:
http://www.ato.gov.au/individuals/content.asp?doc=/content/36552.htm

Get all your records together, including purchase costs (stamp duty, search fees etc also dont forget about mortgage insurance if you paid any, this is generally deductible over 5 years but if you have only had it 1 year you add it to the cost base), selling costs (agent fees, any capital improvements you have done, and details of any depreciation you have claimed on the property etc). Put all these details in a safe place, and put notes on anything that you may forget what it relates to (it is a long time till next tax time!), and take it to your accountant (it may also be worthwhile doing a rough calculation if you can and stick the money you will have to pay on tax in a term deposit, and lodge your tax return as late as possible, that way you can get almost 2 full years interest on the amount you owe in tax before you actually have to pay it – check with your accountant as to the due date for lodging).
Congrats on the gain!