Browse Forums Real Estate Re: Capital Gains Tax on Sale of Property 7Mar 12, 2012 6:52 pm Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Capital Gains Tax on Sale of Property 8Mar 13, 2012 7:16 pm Thanks travelbug and shape, I have now developed a much better understanding of the CGT scene and I do believe my wife will now be subject to the tax. Our accountant will earn his fees at the time it all needs to be assessed. Your responses with the others have been much appreciated. thanks again barkly Re: Capital Gains Tax on Sale of Property 9Oct 29, 2012 11:29 pm What Michael has said is true. I would avoid using valuer general's value from back in the day as it will more than likely be undervalued which will increase your gain. best if you have value established as of probate. to ball park the amount add 50% of the proportionate gain to your taxable income and then look at how much additional tax will be paid. ask you accountant about how you can limit your tax liability and do it before you sell the property. Cheers Mark the exemption applies only to your principal place of residence - so you must live in it. The 200 days is continuous. You also have to apply for the exemption. 2 13312 If it's your primary residence then there is no tax deductions to be made. 4 125247 You might be able to apply to divert the sewer at your expense. In NSW you would contact a Water services co-ordinator and they would give you advice as to whether or not… 1 16130 |