All Topics / Help Needed! / Capital Gain Tax

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  • Profile photo of StevenSteven
    Participant
    @steven1982
    Join Date: 2017
    Post Count: 189
    September 15, 2017 - 10:33 am

    Hi all

    Perhaps this comes off as something silly, but are stamp duties considered as cost when calculating CGT?

    For example, if I buy a property at 1M, and at 5.5%, this comes of to 5.5k stamp duty.

    Suppose if I sell that property for 1.2M, then is my CGT based on 200K (1.2-1 = 200K) or based on 145K (1.2-1-stamp duty = 145K)?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 15, 2017 - 4:29 pm

    Depends on the situation but yes stamp duty can form part of the costbase.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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