HI EVERYONE,
WE SOLD OUR PPOR IN APRIL 2009 AND MOVED INTO OUR INVESTMENT PROPERTY,WE NOW WISH TO SELL IT AND MOVE TO SOMETHING BIGGER,DOES ANYONE KNOW WHAT THE LEGALITIES ARE ? WE KNOW WE ARE UP FOR CAPITAL GAINS FROM THE DAY WE BOUGHT IT UNTIL THE DAY WE MOVED IN BUT IS THERE ANYTHING ELSE WE NEED TO KNOW ABOUT OR FEES/ TAXES WE WILL BE UP FOR ??? ANY HELP PLEASE !!Don't type in CAPITAL LETTERS as it is considered as shouting on the internet.
From APRIL 2009 to NOW when you Sell it you can claim a part Capital Gains Exemption as your main residence.
Calculating a part exemption
The part of the capital gain that is taxable is calculated as follows:
see in
http://www.ato.gov.au/individuals/content.asp?doc=/content/36883.htm
If using a real estate agent there is sales commission of about 2 – 3 %
of sale price
If using solicitor there will be the legal fees charged to sell and settle transaction
There may be advertising costs if using an agent
You may need to get selling contract signed at Police station (like a stat dec sort of requirement)If buying another property there is stamp duty
If borrowing you may be up for mortgage insurance if LVR >80%stop using capital letterss
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