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  • Profile photo of becandlukebecandluke
    Participant
    @becandluke
    Join Date: 2003
    Post Count: 4
    November 12, 2003 - 10:08 am

    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 months of purchase then the total will be added to your income and you will pay tax at your marginal tax rate. If the extra $6500 pushes you up a bracket then you pay at that rate. If its done after 12 months of purchase then you add half of the CG, ie $3250 to your regular income. Hope this helps and isn’t too confusing. And if I’m barking up the wrong tree then someone please correct me.

    Luke

    Profile photo of becandlukebecandluke
    Participant
    @becandluke
    Join Date: 2003
    Post Count: 4
    November 10, 2003 - 3:56 am

    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
    Luke

    Profile photo of becandlukebecandluke
    Participant
    @becandluke
    Join Date: 2003
    Post Count: 4
    November 8, 2003 - 11:30 pm

    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

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