Capital Gains Tax
#1
Capital Gains Tax
Looking through the ATO sites and getting a head ache.
Will be going to Tax agent later but like to be imformed.
Bought house for $95000 in 2003 sold $210000 in 6/2009 purely investment.
So the Capital Gain is $115,000 less expenses. (50% deduction)
Now this is where am unsure on some things. What expenses can I claim.
Stamp Duty
Legal Fees
Selling Fees
Capital improvements
Have claim through the years, council, water repairs etc, are any of these included in the CGT? Anything I have missed?
Cheers.
Will be going to Tax agent later but like to be imformed.
Bought house for $95000 in 2003 sold $210000 in 6/2009 purely investment.
So the Capital Gain is $115,000 less expenses. (50% deduction)
Now this is where am unsure on some things. What expenses can I claim.
Stamp Duty
Legal Fees
Selling Fees
Capital improvements
Have claim through the years, council, water repairs etc, are any of these included in the CGT? Anything I have missed?
Cheers.
#2
Guest
Posts: n/a
Re: Capital Gains Tax
Any costs that you haven't previously claimed against Income Tax, can be claimed against Capital Gains.
So if you made $115,000, and offset $15,000 expenses, then your gain is $100,000, cut down to a taxable figure of $50,000, by the 50% exemption.
That is then added to your normal income and taxed at whatever tax band you come into.
So if you made $115,000, and offset $15,000 expenses, then your gain is $100,000, cut down to a taxable figure of $50,000, by the 50% exemption.
That is then added to your normal income and taxed at whatever tax band you come into.
#4
Account Closed
Joined: Jun 2005
Posts: 9,316
Re: Capital Gains Tax
Did you claim depreciation from year to year? If so then I think you might have to lower the cost base (i.e. the price you paid) for the gain calculation.
Not looked at this fully myself yet not 100% about the ins and outs.
Not looked at this fully myself yet not 100% about the ins and outs.
#5
BE Forum Addict
Joined: Mar 2009
Posts: 1,289
Re: Capital Gains Tax
Bought house for $95000 in 2003 sold $210000 in 6/2009 purely investment.
So the Capital Gain is $115,000 less expenses. (50% deduction)
Now this is where am unsure on some things. What expenses can I claim.
Stamp Duty
Legal Fees
Selling Fees
Capital improvements
Have claim through the years, council, water repairs etc, are any of these included in the CGT? Anything I have missed?.
So the Capital Gain is $115,000 less expenses. (50% deduction)
Now this is where am unsure on some things. What expenses can I claim.
Stamp Duty
Legal Fees
Selling Fees
Capital improvements
Have claim through the years, council, water repairs etc, are any of these included in the CGT? Anything I have missed?.
Finally: because you have had this hosue for more than 12 months, the capital gain is halved. Let's say for argument's sake, the gain really is $115,000. Then only $57,500 is assessable. And if the house is held in joint names, half of that is assessable in each person's tax return (i.e. $28750).