Hey there!
Im selling an IP for the first time and just wanted to know what you have to pay in regards to GST and capital gains tax.
Say i sold the property for 260k.
Is it:
260k - 10%Gst (26k) = 234k
234k - 6.5k (2.5% agents fees on total sell price) = 227.5k
227.5k - 190k (loan) = 37.5k
37.5k - 25% CGT = 28k left in profit?
Just curious if this is correct?
Thanks
Jason
Im selling an IP for the first time and just wanted to know what you have to pay in regards to GST and capital gains tax.
Say i sold the property for 260k.
Is it:
260k - 10%Gst (26k) = 234k
234k - 6.5k (2.5% agents fees on total sell price) = 227.5k
227.5k - 190k (loan) = 37.5k
37.5k - 25% CGT = 28k left in profit?
Just curious if this is correct?
Thanks
Jason