Calculate Capital Gains Tax on Property
If the property you are selling is your primary residence, you may qualify for a full CGT exemption. If it is an investment property that you have owned for more than 12 months, a 50% discount on the applicable capital gains may apply.
When it comes to investment properties, the calculation of capital gains tax (CGT) involves adding together the initial purchase price and any expenses incurred in maintaining and owning the property. This includes costs such as repairs, agent’s commissions, improvements, and other ownership-related fees that were not previously claimed as deductions.
How to Use the Calculator
To use our Capital Gains Tax Calculator, just input your asset details along with your current taxable income. The calculator will then give an estimated value of your capital gains tax payable based on the given purchase and sale prices, cost base and your income.
Please note that this estimate should not be used to replace professional advice.
Record-Keeping and Reporting Requirements
Properly recording and accurately reporting your capital gains and losses is crucial for both meeting tax regulations and minimising your tax liability.
Documentation should be kept of all transactions, events, or factors that may affect your capital gains or losses when reporting them.