Tax on quick reno and sell

Viewing 6 posts - 1 through 6 (of 6 total)

Tony Fleming
Participant
@the-dark-knight
Join Date: 2008
Post Count: 396
August 19, 2012 - 11:59 pm
Hey people is it true that if you buy a property and sell it within a year you pay 50% CGT?
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email Me
NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
luke86
Participant
@luke86
Join Date: 2010
Post Count: 470
August 20, 2012 - 12:55 am
No this is not true.
If you hold a property for longer than 12 months you get a 50% discount on the capital gains tax.
Cheers,
Luke
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
August 20, 2012 - 4:30 am
Agreeing with Luke – full profit is added into and included as part of your declared taxable income. You are then taxed according to the relevant income tax scale
Tony Fleming
Participant
@the-dark-knight
Join Date: 2008
Post Count: 396
August 20, 2012 - 1:46 pm
Thanks guys
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email Me
NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Tony Fleming
Participant
@the-dark-knight
Join Date: 2008
Post Count: 396
August 20, 2012 - 1:46 pm
Thanks guys
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email Me
NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
duckster
Participant
@duckster
Join Date: 2004
Post Count: 1,674
August 21, 2012 - 12:24 am
if it is a substantial renovation gst may apply also