Can somebody give me some help with working out what amount would be subject to cgt.
I have a property purchased in 1996 for $155k that I am now thinking of selling.
Property was an IP until 1999 when I moved in for about 18 months.
In late 2000, I moved out, and property became an IP again.
When I purchased the property, I spent about $5k renovating. Since then, no other expenses, other than the standard, ie, interest, rates, mngmtn fees, insurance.
The sale price would be about $600k, and the loan outstanding on this is about $80k.
How do I calculate what my tax implications would be.
Thanks in advance!
Tegan
I have a property purchased in 1996 for $155k that I am now thinking of selling.
Property was an IP until 1999 when I moved in for about 18 months.
In late 2000, I moved out, and property became an IP again.
When I purchased the property, I spent about $5k renovating. Since then, no other expenses, other than the standard, ie, interest, rates, mngmtn fees, insurance.
The sale price would be about $600k, and the loan outstanding on this is about $80k.
How do I calculate what my tax implications would be.
Thanks in advance!
Tegan