By: ecchi.gaijin
23/09/2008
10:19 am Yahoo! Profile:
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sorry should have read
brokerage fees will reduce the capital gain or increase the capital loss amount. The resultant capital gain figure is what is included in your tax return to be taxed at your marginal tax rate (after being offest by capital losses, discounted, indexed, whatever else might apply) |
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By: ecchi.gaijin
23/09/2008
10:18 am Yahoo! Profile:
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| brokerage fees will reduce the capital gain or increase the capital loss amount. The resultant figure is what is included in your tax return to be taxed at your marginal tax rate (after being offest by capital gains, discounted, indexed, whatever else might apply) |
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By: xiaoxia801108
22/09/2008
2:40 pm Yahoo! Profile:
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| Hi, does the share trading brkg fee deduct the tax? |
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By: bradley_j_gregory
4/06/2008
11:35 pm Yahoo! Profile:
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| thanks! Wishful thinking on my part... |
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By: ecchi.gaijin
4/06/2008
8:18 pm Yahoo! Profile:
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| Brad, your wife's capital gain is included in her assessable income. So unless she has capital losses (current year or prior) to offset against her capital gains, her assessable income would be $0 + $350 000 ($175 000 if all of it qualifies for the 50% discount). The final tax bill would be calculated as per normal rates on the entire assessable income (including capital gains) |
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By: bradley_j_gregory
4/06/2008
6:26 pm Yahoo! Profile:
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Hi,
I'm after clarification on the following:
Where amril22 says "you shouldn't pay tax" does this really mean that even if a capital gain is in the order of 100k's, and total assessable income is less than the tax-free threshold, i.e. the marginal rate is zero, then no tax is payable at all on the capital gain?
For example, if my wife's total income is $0, and she sells shares she owns for a capital gain of $350,000, is the tax = $0 ?
Cheers,
brad. |
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By: amril22
28/02/2008
1:17 am Yahoo! Profile:
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Hi ed,
Any capital gain is included in your assessable income (or 50% of the gain if you are an individual and hold the shares on capital account for more than 12 months). If your total assessable income (from all sources) after taking into account all allowable deductions is below the tax-free threshold - currently $6,000 for adults that are tax resident for the entire year- you shouldn't pay tax. Also there is a low income tax rebate (i think this is currently $450 but may be increasing to $750 - check with your accountant) that means from next financial year can earn about $11,000 (i think) before you pay start to pay tax.
cheers |
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By: amril22
28/02/2008
1:11 am Yahoo! Profile:
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Hi,
Yes, you are correct. Assuming you are an Australian resident for tax purposes the $5,000 profit will be taxed at your marginal tax rate (plus 1.5% medicare levy).
In fact it is probably both a CGT gain and ordinary income, however there is an anti-overlap rule that means you will only pay tax once (generous, huh?)
cheers |
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By: edvdh29
15/02/2008
3:38 pm Yahoo! Profile:
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Hi,
At what $amount would u start paying CGT?? ie;only over a certain amount?
Regards |
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By: wseeto1974
3/01/2008
8:04 pm Yahoo! Profile:
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Your $5,000 profit will be included in your taxable income. (Tax Tip - If you had held the shares (on capital account) for more than 12 months, you would be entitled to a 50% CGT discount).
So in you circumstance you woudl pay tax at your top marginal rate for that year i.e. 31.5% (remember the Medicare Levy). |
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By: starionxyz
23/12/2007
3:18 pm Yahoo! Profile:
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If I buy and sell shares on the same day and make $5,000 profit, is this classed as income and taxed and whatever tax bracket I fall into?
If so, then as an example - I earn $50,000 salary and my highest tax bracket is 30%. I declare the share profit and should pay roughly $1500 tax on that profit. Is this correct? |
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