We necessitate to know what the average cost of a1/4 acre block purchased within Perth eastern suburbs WA in1986?
We resently sold our sub-devided pay for courtyard & we necessitate to know how much the 1/4 acre be worth contained by 1986 when we puchased it as house & domain ($36,000 at the time of purchase).This can after be used to support us near our means gain charge this year. The house be an outdated fibro & tin home which we hold since renovated inspite of self told '' Its not worth renovating you might as very well bulldose it & start afresh''. But we like our infirm home & we are unbelievably pleased we persevere. Can anyone support us beside our quirie or point us in the right direction please.
Answers:
so is that sub-divided bit of arrive exactly 1/4 of the total point? if so, to work out how much the sub-divided come to rest is worth, it's simply using the price you bought the total piece for ($36,000) and dividing it by 4, which give an amount of $9000, this is what the sub-divided come to rest is worth. afterwards to find out how much means gain you're liable to settle, simply help yourself to away the cost price from the price you sold it for, that give an amount which is your profit, and that profit is liable for wherewithal gain export tax.
also, depending when you sold that bit of territory, which i'm guessing it's lately, you'll one and only call for to foot wherewithal gain rates on 50% of the profit. this be a different rule that come out within 2000. so, if you sold it for $15,000 for example, the amount which is liable for income gain is: 15,000-9,000=6,000 consequently 6,000x50%=$3000, which is the amount you want to income wherewithal gain excise on depending which due bracket you tip out into.
Maybe you can backtrack the duty valuation? Other than that, I don't enjoy a clue.. Perth Australia? WA= Washington state, usa?
Sorry I can't be of more facilitate;.
Your best bet is to rivet a local valuer. They should be capable of give support to you, albeit for a duty of around $300 - $400. An independent valuation also give you more finality and the ATO will probably be more comfortable near one too.
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Answers:
so is that sub-divided bit of arrive exactly 1/4 of the total point? if so, to work out how much the sub-divided come to rest is worth, it's simply using the price you bought the total piece for ($36,000) and dividing it by 4, which give an amount of $9000, this is what the sub-divided come to rest is worth. afterwards to find out how much means gain you're liable to settle, simply help yourself to away the cost price from the price you sold it for, that give an amount which is your profit, and that profit is liable for wherewithal gain export tax.
also, depending when you sold that bit of territory, which i'm guessing it's lately, you'll one and only call for to foot wherewithal gain rates on 50% of the profit. this be a different rule that come out within 2000. so, if you sold it for $15,000 for example, the amount which is liable for income gain is: 15,000-9,000=6,000 consequently 6,000x50%=$3000, which is the amount you want to income wherewithal gain excise on depending which due bracket you tip out into.
Maybe you can backtrack the duty valuation? Other than that, I don't enjoy a clue.. Perth Australia? WA= Washington state, usa?
Sorry I can't be of more facilitate;.
Your best bet is to rivet a local valuer. They should be capable of give support to you, albeit for a duty of around $300 - $400. An independent valuation also give you more finality and the ATO will probably be more comfortable near one too.