What capital gains to pay? Investment Property

Hi, just wondering how the capital gains roughly would work on this investment property, tossing up weather to sell or not.

Built in 2004 and lived in by myself to 2009. I am the sole owner on the title

House at this time was valued at $290K

Looking at selling for $340K

Current part time wage is $42,000

So therefore would the capital gains be $340K - $290K = $50K

And then does the 50% apply, so $25K x roughly 32c = $8000

Does this sound right I would need to pay $8000

I know I need to consider the fees, stamp duty and stuff also into the calculation

Thanks!
 
If you have some shares at a loss this would be time to sell them too so losses on shares offsets profit on property THEN 50% discount.

Just make sure you allow for depn and CA claimed between 2009 and 2014...It erodes the cost base and pushes cap gain up too.

If you meet the 10% test you could also consider a super contribution strategy is some cases (age and other conditions)

Your need to determine how much $ you walk away with after taking the sales proceeds less agents less selling costs less tax less the loan payout. For example after paying $8K tax you could walk out with $2k in hand so why bother ??? Only ATO win.
 
You said you lived in it until 2009? Was that as your PPOR?

After you moved out did it continue to be claimed as your PPOR? I'd you had no other PPOR.

If so you shouldn't pay any CGT under the 6 year rule.
 
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