HELP?! Bad with numbers how do i figure out CGT?

[neaka]

Hi there,

I have posted on this ages ago but the figures have changed a lot since then, so i was hoping someone could help me work this out.
(i did call my accountant who explained it to me but it went in one ear out the other)

I have been using this online calculator http://www.yourmortgage.com.au/calculators/capital_gains_tax/ to try and work out what CGT we will pay on our IP we are selling but i am confused about weather to put our combined income in or just one of our incomes and then double the result?

I really am a novice and have no idea what i am doing, but we REALLY need to get a reasonably accurate figure on what we are going to end up paying.

Also, where would i find all the info on the purchase expenses? I have all our paperwork but i dont know what to look for?!!!
I need an accountant here to go through this mess with me!!

Thanks any help is appreciated!

 

[duckster]

Work out the cost base. subtract from sale proceeds to get capital gain.
First thing to do is work out the ownership. If joint owned the capital gain is split equally between the owners.
If you owned the property for over 12 months a 50% discount applies to each individual tax payer. So half the resulting figure from the previous step.
Purchase costs see http://www.ato.gov.au/individuals/content.asp?doc=/content/36557.htm&page=2&H2
look at second element of cost base

Now comes the hard part
Add the reduced taxable capital gain from spliting and 50% discount
Add to each tax payers taxable income to come up with new assessable taxable income for each tax payer.

use http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm
to work out the new tax payable
also you need to factor in Medicare extra tax charge.
this depends on how high you push up the taxable income.
see
http://www.ato.gov.au/individuals/content.asp?doc=/content/7128.htm&page=6&H6
could add 1.5% surcharge tax
plus the 1% medicare tax.