how do you calculate the cgt

What you owe is irrelevent for CGT calcs.

Roughly speaking (I am not an accountant), it is calculate like this:
Sale price $250,000
less purchase $92,000
= $158,000
You can minus some costs such as stamp duty etc, but may have to add back some things suxh as any depreciation claimed.
-$8000 costs (guess)
= $150,000 Capital Gain
Since you have held it more than 12 months, this is reduced by 50%
= $75,000 taxable capital gain.

If you are the sole owner, then this would be added to your other income, and you would pay tax accordingly.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
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Hi again.

Thanks Rdwing, I missed that.

If you actually lived in the house before renting it out, then there is possibly no CGT payable – if you haven’t claimed another house as your main residence at the same time.

Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
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