The sale of an investment Propertyin Victoria, Australia. How can they reduce Capital Gains Tax if I sell it?
I have never lived in the property, and I have to buy just before the end of 1989. As the capital losses to be claimed as an investment property and everything else (deductions?), Cgt in a manner to reduce the sale to pay for?
The amount you paid for the property (including legals, stamp), and incidental costs of sale (legal fees, estate, fees, etc.) is subtracted from the selling price. There are examples here http://www. ato. gov. au / print. asp? doc = / Con …
CGT is not a separate tax – You calculate the amount of capital gains (capital minus cost basis, it shall by 2 assuming you are) for the CGT 50% discount for holding the property for more than 12 months into account, and add them to your other income (eg salary)