Comments on: Im selling an investment propertyin victoria, australia. How can i reduce capital gains tax when i sell it? http://www.cashorcredit24.com/im-selling-an-investment-propertyin-victoria-australia-how-can-i-reduce-capital-gains-tax-when-i-sell-it Find answers for all your financial problem Thu, 03 Mar 2011 21:38:38 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Smiley http://www.cashorcredit24.com/im-selling-an-investment-propertyin-victoria-australia-how-can-i-reduce-capital-gains-tax-when-i-sell-it/comment-page-1#comment-65 Smiley Tue, 07 Jul 2009 06:08:53 +0000 http://www.cashorcredit24.com/im-selling-an-investment-propertyin-victoria-australia-how-can-i-reduce-capital-gains-tax-when-i-sell-it#comment-65 The amount you paid for the property (including legals, stamp duty) and incidental costs of sale (legal fees, real estate agent fees etc) is subtracted from the sale price. There are examples here http://www.ato.gov.au/print.asp?doc=/Content/36902.htm. CGT is not a separate tax - you calculate the amount of the capital gain (capital proceeds less cost base, then divide by 2 assuming you are eligible for the 50% CGT discount for holding the property for more than 12 months), and you add this to your other income (eg salary) The amount you paid for the property (including legals, stamp duty) and incidental costs of sale (legal fees, real estate agent fees etc) is subtracted from the sale price. There are examples here http://www.ato.gov.au/print.asp?doc=/Content/36902.htm.

CGT is not a separate tax – you calculate the amount of the capital gain (capital proceeds less cost base, then divide by 2 assuming you are eligible for the 50% CGT discount for holding the property for more than 12 months), and you add this to your other income (eg salary)

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