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Recent Posts by CBA
What is capital gains tax and when do I pay it on my home?Capital gains tax (CGT) is payable when you sell an asset that has increased in value since you bought it. The rate varies based on several factors, such as your income and size of gain. For residential property, it maybe 18% or 28% of the gain (not the total sale price). Usually, when you sell your main home (or only home) you don’t have to pay any CGT. However, in some circumstances, you may have to pay some. For example:
- The home includes a lot of land/additional buildings (5000 square meters or more)
- You’ve sub-let part of it (but having one lodger doesn’t count)
- Part of your home is exclusively business premises
- You bought it...
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