Hi everyone
I was wondering if anyone maybe able to provide me with CGT advice and what we be subject to pay.
Here is a brief description of our situation:
a. Purchased our house in March 2001 and payed $250k plus stamp duty of approx 15K. (ie; total = 265K).
b. We had intentions of moving into the house straight away but because of work commitments we had to move to Sydney indefinitely.
c. The house was then let as an investment property from March 2001.
d. In March 2007 my family and I moved back from Sydney (ie. house vacated by the tenants) and it became our place of residence- where we have remained.
e. We then had the property re-valued (ie. in March 2007) as we were considering a renovation and wanted to ensure that we didn’t over capitalise.
That valuation came in at $530K.
f. In March 2007-September 2007 we renovated the property spending 180K.
g. We are now considering selling the property (ie. for arguments sake potentially in March 2014) and were advised in the “current market” that we should get in the vicinity of 850K.
So would one go about calculating the capital gain that would be applicable based on the details above?
If it could be articulated in the way that I could follow based on the numbers and time frames detailed above I would really appreciate it.
Cheers
I was wondering if anyone maybe able to provide me with CGT advice and what we be subject to pay.
Here is a brief description of our situation:
a. Purchased our house in March 2001 and payed $250k plus stamp duty of approx 15K. (ie; total = 265K).
b. We had intentions of moving into the house straight away but because of work commitments we had to move to Sydney indefinitely.
c. The house was then let as an investment property from March 2001.
d. In March 2007 my family and I moved back from Sydney (ie. house vacated by the tenants) and it became our place of residence- where we have remained.
e. We then had the property re-valued (ie. in March 2007) as we were considering a renovation and wanted to ensure that we didn’t over capitalise.
That valuation came in at $530K.
f. In March 2007-September 2007 we renovated the property spending 180K.
g. We are now considering selling the property (ie. for arguments sake potentially in March 2014) and were advised in the “current market” that we should get in the vicinity of 850K.
So would one go about calculating the capital gain that would be applicable based on the details above?
If it could be articulated in the way that I could follow based on the numbers and time frames detailed above I would really appreciate it.
Cheers