First CGT Event

[Davoingladstone]

Recently sold a house for 292,000 and paid 194,500 for it .From my workings with the discount method I will have to pay about 17,000 in CGT.The only losses I have are about 1,500 in shares.
I own my house outright and the invesment loan is a variable loan for 143,000.
I am a PAYE employee and don't contribute to super , except what my employer has to .
Is there any options to reduce this hit? :confused:

[Mry]

Recently sold a house for 292,000 and paid 194,500 for it .From my workings with the discount method I will have to pay about 17,000 in CGT.The only losses I have are about 1,500 in shares.
I own my house outright and the invesment loan is a variable loan for 143,000.
I am a PAYE employee and don't contribute to super , except what my employer has to .
Is there any options to reduce this hit? :confused:

Have you included
- Stamp duty on purchase
- Agent's commission on sale
- Legal fees on purchase
- Legal fees on sale
- capital additions

And did you have to add back special building write off?

[HotRod]

The special building writeoff (I assume the 2.5% deduction) has to be claimed in the CGT cals even if you didn't claim it as a deduction whilst in ownership.

Read this from another topic.

[coastymike]

HotRod,

Not necessarily.

The date of acquisition of the property is relevant, as well as the date of the capital works that were carried out. For property acquired during the period from 20 September 1985 to 13 May 1997, you only need to exclude capital works deductions that you claimed, or were entitled to claim, from the cost base if they are for a building, other structure or improvements constructed on the property AFTER 30 June 1999.

If the property was acquired after 13 May 1997 then you must exclude the capital works allowance that was either deducted or you were allowed to deduct from the cost base.

[twodogs]

Hmmm. What if you aquired the land before 13 May 1997 and completed the building after that date ? Does any claimed (or unclaimed) S43 have to be added to cost base then?

[Davoingladstone]

Have included all that information off the event , and also building write off.Did not do any capital works