CGT Calculation

Hi all,

What would the CGT be on the following scenario:

IP Purchased: 10/04/1991
Sold: 20/08/2018
Purchase Price: $48000
Sold Price: $500000
Renovations at time of purchase: $15000
Taxable income 2 owners: $20k each.

I haven't included buying and selling fees.

PS: If the person's involved use a Tax agent, the CGT doesn't need to be paid till May the Following year?

Thanks.

 

Hi @newbie70

Do the two owners own 50% each?

Are the two owners "people" or company/trust/SMSF?

 

50/50 each, Aged Pensioners.

Thanks.

 

No enough info but shouldn't be more than $125k if my mental calcs correct. Should be much less.

 

One calculator gave the result for new and old regime?

 

I don't know, did it?

 

Using the discount method I reckon, ahhh, about 30K each.

 

Other issues will influence the tax estimate. eg HELP debts ?, Centrelink, private health insurance or lack of it !! etc

Other CGT costs may include selling costs, purchase costs eg duty, legals.

As a quick estimate around $60K total may be payable. Its better to run the CGT numbers now so a true estimate can be made and the $$$ set aside. If you have a tax agent or do so BEFORE 31st October it would be payable in June 2020