Hi
I am just after an idea about CGT and my situation.
I bought a house in WA in 2006 it was my PPOR (First Home) and then moved to Vic and rented it out since. I also bought another place in Vic in 2011.
I am now thinking of selling because I want the money to buy land in WA when I move back in 2017.
Is this the correct way of working out CGT
Purchase Price +
Stamp Duty +
LMI +
Renovations(that were done when living there)
= Base price
Selling price - agent fees
= Real Selling price
CGT = (Real Selling Price - Base price) * tax rate
-and do I then get a 50% discount for living in the place for 12 months or something
Not sure if I am completely wrong or not ... any help ? It would be greatly appreciated
I am just after an idea about CGT and my situation.
I bought a house in WA in 2006 it was my PPOR (First Home) and then moved to Vic and rented it out since. I also bought another place in Vic in 2011.
I am now thinking of selling because I want the money to buy land in WA when I move back in 2017.
Is this the correct way of working out CGT
Purchase Price +
Stamp Duty +
LMI +
Renovations(that were done when living there)
= Base price
Selling price - agent fees
= Real Selling price
CGT = (Real Selling Price - Base price) * tax rate
-and do I then get a 50% discount for living in the place for 12 months or something
Not sure if I am completely wrong or not ... any help ? It would be greatly appreciated