Tax payable on sale of IP under personal name

Quick question, I'm looking at selling off a few IP's. curious how to calculate my tax payable

Purchased 2011 @ 260k
Reval & top up 2014 @ 340k
(Proposed) sale 2017 @ 460k

I understand I need to work out my cost base, it cost about $2500 p/year to hold. I think I need to add any acquisition costs, stamp duty buyers agents fees, legal, ect. Let's assume 35k total over the 6 years

The property has never been my PPOR and always tenanted.

It was purchased and still owned under my personal name, 100%

Do I receive any CGT exemptions? Or will I be taxed on 100% of the capital gains at my current income tax rate?

Also, does the 2014 top up effect how I calculate the tax payable?


Cheers

 

No exemptions.
Should get the 50% CGT discount.

Work out the profit and the x by 50% and then add that to your other income.

 

don't forget about any depreciation you may have claimed

 

Thanks guys. The 50% cgt discount was the main concern. This isn't classed as an exemption then. Ive been trying to find an ato link for this, but as I understand if it's under my personal name and I am a resident then it should be granted ?

 

Should do - 12 months, resident and individual

 

When doing these calcs I always recommend clients do two calcs.
1. Tax amount
2. Cash released. Sale proceeds less selling costs less loan payouts less tax. This should reflect how much cash you walk away with.

Then consider the outcome. How does this affect cashflow ? In some cases the sale may release little cash and also be neutrally geared for cashflow. Why sell ? In othercases the cashflow released may assist other financial outcomes and be significant eg payout PPOR loan.