My house in Brisbane sold recently, am I liable to Capital Gain Tax?

Question

This is my only house in Aust. I lived there for the first 3 years and rent it out for the following 6 years while I was overseas most of the time. I am still overseas now. Do I need to pay Capital Gain Tax?

Answer 1

Yes and tax on all the rent you collected

Answer 2

No, you could no longer use loan pastime on a prior domicile. in case you made any advancements, however, to the domicile you bought, you could desire to subtract those from the $43K. i assume that any advertising costs have been already out of the verify you won. in the adventure that your tax bracket is 15% or decrease, the capital constructive properties tax on your place, assumint which you owned it for a minimum of a 300 and sixty 5 days and an afternoon, could be 5%, or $2150. in the adventure that your tax bracket is greater than 15%, which out of your question it in all probability isn't, your tax could be 15% or $6450. nonetheless leaves plenty from those proceeds.