G'day
I am about to sell a IP and unsure of how CGT works, below is how I think it works (made up numbers is the theory right)
BUY $100000
SELL $110000
CAPITAL COST $8000
GAIN $2000
BOUGHT 01.01.09
50% DISCOUNT $1000 ( I KEEP NO TAX?)
MY RATE OF TAX 15% WHICH i PAY ON THE REMAINING $1000
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With Centrelink I understand that if I have a $20,000 loss that this is rental income minus rental deductions that this is converted to income for centrelink purpose ( so I would show on paper an extra $20k income)
What happens if I have a CG event and come out with a 20k loss , does that get converted to income for centrelink purpose.
any comments or advice welcomed
Thanks
I am about to sell a IP and unsure of how CGT works, below is how I think it works (made up numbers is the theory right)
BUY $100000
SELL $110000
CAPITAL COST $8000
GAIN $2000
BOUGHT 01.01.09
50% DISCOUNT $1000 ( I KEEP NO TAX?)
MY RATE OF TAX 15% WHICH i PAY ON THE REMAINING $1000
-------------------------------------------------------
With Centrelink I understand that if I have a $20,000 loss that this is rental income minus rental deductions that this is converted to income for centrelink purpose ( so I would show on paper an extra $20k income)
What happens if I have a CG event and come out with a 20k loss , does that get converted to income for centrelink purpose.
any comments or advice welcomed
Thanks