Question
Can you tell me for the following question how to calculate the tax and which legislation should i use ? Sale of my residence -
Can you tell me for the following question how to calculate the tax and which legislation should i use ?
Sale of my residence - Settlement has finally come through on the sale of my house. Hooray. You will recall that I purchased my home in 2009 at a cost of $500,000 and $25,000 for various expenses such as stamp duty and other fees and I sold it for $1,000,000 by contract on 1 May 2019 and there were another $25,000 expenses on sale for commission and other expenses. You might remember I spent a year overseas on holidays (1 July 2015 - 30 June 2016) and during that time I rented out my property.
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