svinnes

Wonder if someone could answer a question for me, a friend of mine over here is looking at selling up and heading home.... the question is i have heard that when you buy a new house and have not lived in it for over a year you have to pay tax on the profit you make, dont know how true this is, also if its true does anyone know how much percentage you have to pay.

Thanks
Suzanne

@boy

Correct - Capital Gains Tax.

CGT is the tax you pay on any capital gain you include on your annual income tax return. You are taxed on your net capital gain at your marginal tax rate.

Your net capital gain is:
your total capital gains for the year
minus
your total capital losses for the year and any unapplied net capital losses from earlier years
minus
any CGT discount and small business CGT concessions to which you are entitled.


A Capital Gains Tax Estimator
http://www.yourmortgage.com.au/calcu...tal_gains_tax/