Selling Calculations

[RE rocks]

All subject matter experts,

I have put together a spreadsheet to do some analysis as I consider selling my house in a month or so.

I have put together some numbers and want to get your opinion on things i havent considered.

Also i have never sold a property before, so want to get your views on things like capital gain tax.

Highlighted sections in Orange is where I lack skills to complete. I feel i missing some key elements on the spreadsheet. Can somebody please review my calculations and share their thoughts.

I want to understand what is the ROI, Capital Gain tax and what should i sell the house for to make a buck for myself. I am an Aus citizen resifding overseas since 2012

Your help is very much appreciated

 

[RE rocks]

IP Analysis

Any help on this is very much appreciated. I am struggling to understand what to set as a reserve price.

Many Thanks
Manish

 

[Rixter]

Set the reserve at comparative market value or at the lowest you will accept below that.

 

[RE rocks]

Thanks for your response. it'll be great if you could give some feedback on the spreadsheet attached.

i feel i've missed something and just need some opinion.

Thanks in advance

 

[jrc]

Have you claimed any depreciation or capital allowances?

In column B why are the deposit, stamp duty and conveyancing estimates?

Your recurrent costs like interest, insurance etc don't have any effect on your Capital gain unless they were not claimed.

 

[Rixter]

You've missed the figures from your QS report that you've claimed for Capital works/allowance depreciation over the years.

ROI = (gain from investment - cost of investment) / cost of investment.

I suggest you leave it all to your accountant.

 

[RE rocks]

Depreciation

How is depreciation claimed added/removed from the CGT calculation. I have not claimed any for last 3 years given I live overseas.

I'd really appreciate if all you experts can view my spreadsheet and share your thoughts/opinions.

How is the CGT calculated of my income in AUD is $0.
I am an AUs Citizen living in Singapore for 3+ years.

Thanks

 

[RE rocks]

Have you claimed any depreciation or capital allowances?

In column B why are the deposit, stamp duty and conveyancing estimates?

Your recurrent costs like interest, insurance etc don't have any effect on your Capital gain unless they were not claimed.

Hi there,

THanks for your input

I havent claimed my recurrent costs above for last 3 years as I am residing in Singapore and not a permanent resident for tax purposes. ( Still hold a Aus passport)

So i lodge taxes ever year but never get a cent back as my income in AUs is zero.

Should i then be including those? I thought so. I see the market trend to set the price but struggling to understand what's the lowest i shud set to ensure i dont go in losses.

 

[wylie]

Do you have an Australian accountant who has been doing income tax returns for you while you live overseas?

 

[esh]

What does the advertising cost include?

 

[Mtmellum]

Overseas? I'm in the same boat. Check if Singapore and Australia have a tax agreement? As you already know, If you aren't a resident of AUS for tax purposes then you don't pay tax there on income but not sure if this extends to CGT. I was in Canada and the agreement there has a no double tax clause. Singapore is a commonwealth country so I suspect an agreement exists.

Check the ATO website, it has good guidance on this. Also you can ring them and just say you are thinking of and they will direct you to the relevant info. (Don't give them your tax file number)

And if you get time I'd be interested in hearing your strategy and tactics for accumulation whilst you live OS.