Extra suggestions for minimizing capital gains tax?

Discussion in 'Accounting & Tax' started by Whiz, 1st Sep, 2018.

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  1. Never giveup

    Never giveup Well-Known Member

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    so no way we can minimize or eliminate CGT ?

    PS:if I contribute into my Super almost all my monthly salary for next 5 months then my earning will be less therefore total amount will be reduced to calculate tax?!
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Francesco, Propin and Never giveup like this.
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Only if you earn $25k or less!
     
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  4. Never giveup

    Never giveup Well-Known Member

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    so not selling is the only way !!!

    property is built in 2012 as it is older than 7 years not much deductions
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You haven't read my tips. There are plenty of ways.
     
  6. DaveM

    DaveM Well-Known Member

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    Can you not just extract equity and use that for shares/next IP rather than sell?
     
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  7. Never giveup

    Never giveup Well-Known Member

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    doing it
     
  8. Never giveup

    Never giveup Well-Known Member

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    serviceability is an issue for loan.
     
  9. DaveM

    DaveM Well-Known Member

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    According to who? Which broker/lender?
     
  10. Archaon

    Archaon Well-Known Member

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    What do you mean 'not many deductions'?

    Have you claimed the depreciation?
     
  11. Never giveup

    Never giveup Well-Known Member

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    Yes as per the depriciation schedule
     
  12. Never giveup

    Never giveup Well-Known Member

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    Nab and cba
     
  13. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I would start by understanding how much CGT could be payable.

    Two calcs
    1. CGT tax calc
    2. Equity calc. How much $$$ will be yours after sale and payout for the tax and loan.
     
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