By: wseeto1974
25/11/2007
7:40 pm Yahoo! Profile:
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For your share of the property, you will not have to pay any CGT, as it sounds like you are living in it as your principal place of residence.
For your partner, if they are not licing in the house as her principal place of residence, they will have to pay CGT on their 50% share of the property. |
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By: curlylocks_7
19/11/2007
12:39 am Yahoo! Profile:
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| Hi there, u seem to be cluey on the capital gains thing. I am having a problem with a partner i bought a house with. I live in it and she doesnt. I pay her half of her rent due her. we got it as a owner occupied home. she is now going on about CGT and says I need to put the whole market value rent per week into the mortgage so we do not pay so much back. I pay have the mortgage. do you have any ideas. I keep telling her we do not pay CGT and me paying full rent despite living in the house and paying half the mortgage. |
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By: wseeto1974
13/10/2007
12:59 pm Yahoo! Profile:
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Hi Rachel, you very welcome.
If you are dealing in shares you may want to get your "free" copy of Taxstar. You can find the details on another message. This will help you keep your tax records organised.
Good luck with the investing. |
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By: rachella1981
12/10/2007
4:40 pm Yahoo! Profile:
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Thanks heaps Warren! That clears it up for me... now I don't have to pay an acccountant! :)
Have a great weekend!
Rachel
PS - damn the ATO! heheh! |
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By: wseeto1974
12/10/2007
3:02 pm Yahoo! Profile:
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Hi there, you need to declare gains on any shares you sold before 30 June 2007. So, if you sold the shares for $18k before 30 June 2007 you will need to declare all your capital gains ($12k) as income in the 2006/07 tax return.
Also, if you had held the shares for 12 months you could have used the 50% discount against the capital gains.
Let us know if you have any more questions.
Warren |
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By: rachella1981
10/10/2007
10:57 am Yahoo! Profile:
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Hi!
Last financial year was the first time I dabbled in shares - invested $6k and endedup making about $12k in about 3 months.
Out of the $18k I ended up with, in August 2008 I put $2k in my bank to spend, and the rest ($16k) I invested back into shares.
So, do I need to declare ANYTHING for my tax return for 2006-2007? As I only took $2k in earnings out of my portfolio (in August - this new fin. year), and the rest kept invested in other shares.
Thanks for any feedback! ;) |
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