Depending on your tax bracket and how long you’ve owned the property for, it could cost you as much as 45% of the profits. That means if you make a $200,000 on the sale, you’ll be handing $90,000 of it straight to the taxman.
But what if you could avoid such a cost? This is where the six-year CGT rule may come in handy although it’s not always a ‘get out of jail free’ card.
The Australian Prudential Regulation Authority (APRA) has today increased the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
NSW earned $9.379 billion in stamp duty revenue for the 2020-21 financial year. Sydney’s booming property market has resulted in the state government collecting $1 billion more than expected in stamp duty revenue.
The New South Wales government’s plan to replace stamp duty with an annual property tax could result in purchaser uncertainty, pricing distortion and policy failure if buyers refuse to opt in, say the top accounting bodies.
The New South Wales government’s plan to replace stamp duty with an annual property tax could result in purchaser uncertainty, pricing distortion and policy failure if buyers refuse to opt in, say the top accounting bodies.
The controversial Senate reforms that could have seen Australia’s responsible lending laws overhauled has been postponed until the next round of sittings in May.
Find out who’s getting a cash boost and who’s missing out in Josh Frydenberg’s 2021 federal budget.