CGT on Investment property sale

How does depreciation factor into a newinvestment property I bought after 2010 and then sell 10 years later, when calculatng CGT.
i have the depreciation schedule btw

Bought for $300,000 sell for $600,000
Profit of $300,000

CGT calculation $300,000x .5 = $150,000 added to my income
Whats wrong with my calcualtion? (ignore purchasing costs just to keep it simple for the time being)

I will pluck out a total figure of $20,000 for depreciation
An explanation using the curent example would be very useful
thanks

 

If by 'depreciation' you mean capital works:
Cost base would be $300,000 less $20,000 = $280,000

Capital gains = $600,000 - $280,000 = $320,000
apply 50% CGT discount = $160,000

$160,000 is the income to the taxpayer, assuming an individual.

 

Great .All understood.

Solicitors fees/advice, conveyancing costs, and Buyers agent fees can be addedd to the Cost base.Is that correct??

 

Generally, but it depends

 

Depreciation is normally broken down into 2 parts...capital works and plant and equipment.

Is depreciation of plant and equipment taken into account for CGT calcs?

 

Yes, I just wrote about balancing adjustments in another post

 

A range of issues can impact CGT and lead to erors that increase tax or underpay tax.

eg : Is the cost of the assets that were depreciated included in the costbase ?? eg The oven you bought 2 years ago needs to be added to the historical costbase.