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How is this scenario taxed?
Yes, $40k included labour. So I would assume taxes would work out as follows: Taxes on existing: 160+40+5+15= $220k cost Sell for $230k =$10k profit Less 50% CGT reduction, less 25% (1 year PPOR out of 4 years owned) = $3,750 profit to be added to taxable income. Taxes on...- iookpa
- Post #5
- Forum: Accounting and Tax
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I
How is this scenario taxed?
In 2006 I purchased a house for $160k. I rented the house out for 12 months, then renovated it (which took another 12 months, in which time the property was vacant). I have a quantity surveyors report stating $40k of works. I then rented the house out for 12 months, then moved into it. I have...- iookpa
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- Forum: Accounting and Tax