becandluke replied to the topic capital gains tax in the forum General Property 20 years, 12 months ago
Wannabe,
I was recently asking similar questions about CGT and this is my understanding:
Your profit of $20000 would be reduced by your buying and selling costs firstly. This may be about 5% in and 3% out (just guessing). This will leave about $6500 ($13500 in costs). This would then be added to your regualr income. If this is done within 12…[Read more]becandluke replied to the topic Sunshine,sweetie,redwing,westan, fudgell 111 in the forum No Subject 20 years, 12 months ago
Hi Bill,
Could you include our email address also. Perfect timing on your part as I was talking to agents today about selling. Better in our pocket than theres.Thanks heaps
Lukebecandluke replied to the topic Capital Gains Tax? in the forum General Property 20 years, 12 months ago
Hi Luckyphil and sunshine,
Thanks for the quick replies. I guessed that that the gains would be taxed at whichever rate you ended up in after adding income plus gains. Like I said wishful thinking otherwise.At least I can say that the more tax I’m paying, the more profit I have made, unless I’m missing something.
Thanks again.
Luke