Australia Law
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Answered in 3 minutes by:
5/7/2010
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,733
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
VerifiedHI
No. The Capital Gain is calculated on the difference between the Price plus costs of purchase and the Price less costs of the Sale.
You cannot offset the amount of the mortgage from the Capital Gain.
Once you have the difference if you have owned the land for more than 12 months 50% of the Capital Gain is tax free and the other 50% is included in your tax return.
It is then added to your assessable income and you pay tax on the Capital Gain as part of your income.
I hope this is of assistance.
HI
no the loan will not reduce the amount of the Capital Gains.
Here is a Capital Gains Tax Calculator for you and the ATO website that may assist
You cannot deduct the amount of the loan from the profit you have made.
http://www.ato.gov.au/individuals/content.asp?doc=/content/20427.htm
http://www.yourmortgage.com.au/calculators/capital_gains_tax/
I hope this is of assistance and if so please click on the accept button
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 52,733
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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