I am selling a small resteraunt in melbourne, Victoria AU. how much taxes do i take-home pay?
the place be bought nearly 6 years ago for around 130 000 dollars. it is very soon anyone sold for around 300 000 dollars.
how much duty will i hold to clear?
Answers:
If you hold a funds gain for $170,000 later you can slim down it by partially next to the CGT discount to $85,000. The $85,000 would be included in your taxable income beside your other income for the year so you'll probably be paying 46.5% charge on it.
But you might be entitled to the small business CGT concessions to drop off that $85K even further and possibly even wipe out export tax on it altogether if you hold a retirement strategy. You really want to discuss your circumstances contained by detail next to a resourcefully qualified excise accountant to read how you can use any of the concessions. They are complex and I'm not going to write an essay roughly them here but you procure an overview for yourself here:
http://www.ato.gov.au/businesses/content...
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how much duty will i hold to clear?
Answers:
If you hold a funds gain for $170,000 later you can slim down it by partially next to the CGT discount to $85,000. The $85,000 would be included in your taxable income beside your other income for the year so you'll probably be paying 46.5% charge on it.
But you might be entitled to the small business CGT concessions to drop off that $85K even further and possibly even wipe out export tax on it altogether if you hold a retirement strategy. You really want to discuss your circumstances contained by detail next to a resourcefully qualified excise accountant to read how you can use any of the concessions. They are complex and I'm not going to write an essay roughly them here but you procure an overview for yourself here:
http://www.ato.gov.au/businesses/content...