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Im looking to sell some shares i have invested to get a deposit for an investment property. what I’m not sure of is what sort of capital gains tax i will have to pay when I sell them. does anyone know any sites that explain how the capital gains works I’ve tried the ATO site but it’s hard to follow???
See http://www.ato.gov.au/individuals/content.asp?doc=/content/31570.htm&mnu=5060&mfp=001
Essentially half of the profit is included in your taxable income and taxed at your marginal rate (as long as you’ve help the shares for 12 months).
Profit / 2 * marginal tax rate = tax payable
Cheers
Stu
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