School of Awesome - Capital Gains Tax Calculator
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NotesProperty 1CommentsProperty 2Comments
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PURCHASE and OWNING INFO
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Relevant dates
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Settlement date3 Feb 2006My main residence3 Feb 2006
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Date became rental ("acquisition date")12 Jan 2008House became rental12 Jan 2008
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Date property became "main residence"Only relevent if you claim the property as your main residence after acquisition date. Leave blank if not relevant12 Jan 2008Moved overseas for work12 Jan 2008
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Date no longer "main residence"Only relevent if you claim the property as your main residence after acquisition date. Leave blank if not relevant17 July 2011Returned from overseas, moved into another house I own, this property still rented17 July 2011
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Days after acquisition that property was my main residence12821282
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Costs and values
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Purchase cost287000287000
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Plant and Equipment valueGet this from your depreciation schedule1152611526
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Valuation when "acquired" (became rental)Get a valuation done. This can be done at any time, even years later.350000350000
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Plant/Equipment value on "acquisition" dateWork this out as: original value minus depreciation that occurred before acquisition date76897689
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PURCHASE COST - 1st element
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Money paid for the asset - excluding plant/equipment342311342311
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COSTS AT PURCHASE - 2nd element
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Stamp duty1005010050
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Settlement agents fee862.8862.8
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Other settlement agent fees246246
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Registration of transfer - Landgate130130
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Inspection fees - pest, building00
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Water rates if not deducted00
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Council rates if not deducted00
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COSTS TO OWN - 3rd element
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Anything you didn't claim as a deduction (but could have) goes here. Don't include any 3rd element costs when calculating reduced cost base (capital loss)
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COSTS TO IMPROVE - 4th element
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Capital works renovations go hereDon't include plant and equipment purchases
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COSTS AT SALE - 2nd element
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Real estate agent costs10000Estimates10000
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Settlement agent costs10001000
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Registration of transfer - Landgate
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TOTALSum of all costs above364600364600
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SUBTRACT DEDUCTIONS ALREADY CLAIMED
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Capital works deductionsMultiply the annual building depreciation by the number of years since acquisition4057240572
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COST BASE324028324028
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SALE INFO
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Relevant dates
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Contract date for sale - "CGT event date"1 Jan 2020Estimate1 Jan 2020
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Settlement date for sale1 Feb 20201 Feb 2020
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Number of days owned since property was acquired43724372
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Proceeds from sale
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Sale price450000450000
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Plant and Equipment value - from depreciation spreadsheetAfter many years, Plant and Equipment may depreciate to be worth very little230230
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PROCEEDS FROM SALE - excluding Plant and Equipment449770449770
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CAPITAL GAIN125742125742
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Reduced capital gain if the property was your "main residence" for some time after "acquisition" dateIf you've never claimed the property as your main residence after acquisition date, this will be your full capital gains8887188871
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Capital gain after 50% discount when owned > 12 monthsAlternatively, consider Indexation method if property acquired < 21 Sept 1999. Also, if you have a capital loss from a previous year, subtract that BEFORE you apply the 50% discount4443544435
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Tax Estimate
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Your marginal tax rateGet it here: https://www.ato.gov.au/rates/individual-income-tax-rates/0.39Note: $80-180k taxable income has marginal rate of 37c per $ (plus 2c Medicare Levy)0.39
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CGT estimateIf your capital gains pushes you into a higher tax bracket, you'll pay more CGT than this estimate.1733017330
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www.SchoolofAwesome.com.au/investment-property-capital-gains-tax
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