How much approx is the CGT on $25,000 ? I'm trying to find a calculator
Example. Buy a house for 310 sell it for 345?
Thanks
Example. Buy a house for 310 sell it for 345?
Thanks
CGT on $25,000 ip profit
- Thread starter Alex P Keaton
- Start date
After adjusting your cost base allowing for in & out costs, less discount if you have held it for more than 12 months, then add that to your existing taxable income for the year and what ever tax bracket that puts you into then that's how much tax you pay on the result.
As you can see, its as clear as mud. There are lots of variables to take into account.
As you can see, its as clear as mud. There are lots of variables to take into account.
It's ok I found a calculator. It works out at approx $7000
Buy for $310K and say add $10K for closing (stamps etc): $320K
reduce for any building deprecation you claimed whilst renting out: say to $310K
Sell for $345K less $10K for closing (agent etc): $335K
So I guess, yes $25K
50% reduction if held more than 12 months, so $12.5K.
If your income is say $80K you'll be paying 38.5% tax inc Medicare levy, so that's about $4687 tax.
reduce for any building deprecation you claimed whilst renting out: say to $310K
Sell for $345K less $10K for closing (agent etc): $335K
So I guess, yes $25K
50% reduction if held more than 12 months, so $12.5K.
If your income is say $80K you'll be paying 38.5% tax inc Medicare levy, so that's about $4687 tax.
Would probably be much lower.
Did u take into acccount stamp duty, legals, selling costs such as agents fees etc, interest on loan and other costs if not already claimed
Did you live in the house as your PPOR in the last 6years? If so should be $nil CGT (provided you didnt have another PPOR at the time).
If you bought for $310 - and you are selling for $345 and held it for 12+months I should imagine that your accountant can reduce your CGT down to only a couple of thousand.
$7k sounds high.
Blacky
If you bought for $310 - and you are selling for $345 and held it for 12+months I should imagine that your accountant can reduce your CGT down to only a couple of thousand.
$7k sounds high.
Blacky
I got the amount of $8,400 using this calculator. I'm on $59 k taxable income.
http://m.yourmortgage.com.au/calcul...t/?sid=1593493-4nun5-simple-capital_gains_tax
I took into account agents commission, settlement cost and CGT
I'll be honest and say I didn't add up those other selling costs you list. I'm thinking they wouldn't be too much more than a few grand. The major cost is the agents commission, the CGT and the settlement costs I think. I hope the other costs arnt much ?
What about when you bought the place. Stamp duty? Ba fees? Rest of an lmi? Building /pest inspection? Settlement costs? Etc etc
Cheers
That calculator is so dodgy...very basic and wrong...
ok maybe not "wrong" as such but it def should be taken as a guild only, as it's def not 7k...
- base cost
- sell cost
- 50% discount
- tax on a 26% margin....def not 7k
basic tax cal.
tax on $59k = $11,492.
tax on 59 + 12k = $15,687...
Just over 4k.
A few ways you can reduce the CGT; speak to your accountant.
ok maybe not "wrong" as such but it def should be taken as a guild only, as it's def not 7k...
- base cost
- sell cost
- 50% discount
- tax on a 26% margin....def not 7k
basic tax cal.
tax on $59k = $11,492.
tax on 59 + 12k = $15,687...
Just over 4k.
A few ways you can reduce the CGT; speak to your accountant.
ignoring costs totally
35,000
50% discount if held for 12 months = $17,500.
This amount is added to your other income. If your taxable income is $59,000it would now be $76,500
Tax on $59,000 = $11492
Tax on $76,500 =$17557
including medicare levy
Difference is = $6,065
This is what the CGT would be assuming no other costs claimable and asset held more than 2 months and assumin this financial year.
