请问2013年4月买了一块地在Brisbane, 35.5万(including Stamp Duty), 如果我打算2014月5月卖出，大概估价是38万。我赚的这部分，算capital gain 还是 trading stock? ,谢谢啊。
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capital gain
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是不是一年后卖captical gain有25% off。有人说是trading stock....
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Only one piece of land, and you are not land developer in business. Would be Capital Gains.
If you sold after one year, then you could have 50% discount on capital gains. Remember that council rate, insurance or any expenses relating to the land would be part of the cost.
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Understand. Is the profit I gain after CGT included in personal tax income? I have a job.
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Yes, capital gains or capital losses would be included in your tax return.
For example:
Purchases:
Land cost: $500,000
Stamp duty: $ 21,000
Legal fees: $ 1,000
Insurance: $ 500
Council rate: $ 1,100
Sundries: $ 700 (from the statement of settlement adjustments)
Loan Establishment fees; $ 300
Loan interest expenses $ 25,000
Gardening: $ 200 (mow lawns constantly if you have kept tax receipts)
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$549,800
Sold:
Land price: $600,000
Less: Legal fees -$ 1,000
Ad fees -$ 1,000
Agent's fees - $ 15,000
Bank fees -$ 5,000 (if sold within 3 years, penalty fees & releasing fees etc)
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$578,000
Total gross capital gain: $ 28,200
Less: Discount 50% -$ 14,100 (if sold after one year)
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Net Capital Gains $ 14,100 (your taxable income will be increased by this amount)
If you had other capital losses carried forward from previous years (such as capital losses on sale of shares etc.), they could be offset with the gross capital gains, then 50% discount. Your net capital gains will be decreased.
In case of capital losses from sale of your land, the capital losses cannot offset with your other ordinary income, such as salary income. The capital losses must be reported in your tax return and let ATO has a record of it. In future, you can use this amount to offset your other capital gains.
Remember to present a copy of all related paperworks to your tax accountant, do not miss out anyone of them.
I would suggest you to have a tax accountant to lodge your tax return if you had a capital gains or losses for the year.
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