What is Capital Gains Tax?

CAPITAL GAINS TAX (CGT) is payable on the CAPITAL GROWTH of your property in the event that you SELL your property, and only once you have sold it.

It is calculated at 50% of your marginal tax rate.

Since your assessment is based on your marginal income tax rate at the time of sale, if you are retired or have a small income, any tax payable is further reduced. In addition, your Capital Gain is REDUCED by both the purchase and selling costs such as stamp duty, legal’s and agent’s selling fees.

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