Re: Tax implications question -- Cox Business Accountants

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Date Posted: Wednesday, April 10, 10:59:06am
Author: Simon
Subject: Re: Tax implications question
In reply to: Deb 's message, "Tax implications question" on Monday, April 08, 01:09:32pm

Hello Deb,

This is a quite interesting question. You are correct in your assumption that there is no Capital Gains Tax implication on the sale of your primary residence.
However with the interest that you are earning from the $50000, this will have to be declared in your tax return, and you will have to pay tax on the interest.
By putting the interest into super you are firstly looking after your own future and depending on your assessable income ( if it is under $31000) you could be able to claim a rebate for your super contributions.
However I would suggest that it would be best that you just put the $50000 into short term deposits and shop around for the best interest from the banks & building societies, as you are going to need the money in the not to distant future to buy another property.
If you need any further advice it would probably be best to contact a financial planner, most banks offer a free service.
However please feel free to ask any other questions regarding taxation issues.

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