All Topics / Legal & Accounting / Capital Gains Tax on selling my share of property

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  • Profile photo of Enzo2010Enzo2010
    Participant
    @enzo2010
    Join Date: 2010
    Post Count: 4
    February 26, 2011 - 12:51 am

    Hi guys,

    Quick question.

    March last year my business brother and I purchased a property in Melton for $225K. I own 2/3 and he owns 1/3.

    We have now decided that I will sell my share to him as we are not on the same page of what we want to do.

    Bank recently valued it at $250K. So  10% increase in value.

    Now in tems of CGT tax what would i be liable for?  I have worked it out as follows 2/3 of $25K = $16k @ 50% = $8k at marginal tax rate. I currently earn $110 p/a PAYG and have no other investment properties.

    Can you please confirm.

    Thanks so much

    Profile photo of omegapartnersomegapartners
    Member
    @omegapartners
    Join Date: 2010
    Post Count: 17
    February 26, 2011 - 3:15 am

    Have you taken into account any capital allowances claimed on the property in working out your capital gain ?

    Is the property held as tenants in common ?

    Profile photo of Enzo2010Enzo2010
    Participant
    @enzo2010
    Join Date: 2010
    Post Count: 4
    February 26, 2011 - 6:23 am

    Hi there,

    No I havent. Im working off broad numbers.

    Property is held as tenants in common.

    Thanks

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