capital gains question

[mikezen]

hi there

if i have 3 ips and the purchase price is 776k, i sell for 1.5mk the cost of ownership over 7 years was 200k (not including interest repayments, do i need to include these into my cost base??)

then my capital gain to be taxed is 500k roughly? how much tax would this be and i dont have any income

the tax payable under old regime is 250k and the new regime is 100k? which one is it?

if i purchased in 2005 and sold in 2013

thanks

 

[Terry_w]

What do you mean by costs of ownership? Have you claimed these costs already?

Generally
If the gain is $500k then you apply the 50% discount which makes is $250k and this is added to your other income.

This could be reduced by spreading the sales over 2 or more financial years. eg. you could wait till July to sign contracts on one of them.

 

[coastymike]

1. Need to apportion sale price between depreciable assets and calculate balancing charge and then calculate cgt
2. Need to take into account division 43 capital allowances claimed.