Hello l am on a disibilty pension of $20,600 per year, l made a capital gain of $45,000 on some shares l sold and had held less then a year, if l take off $16,000 from the other shares l sold for a loss this year and last, that comes to $29,000, how much capital gains tax do l have to pay this year.
Hi warren73, The pension is not taxed.( however the deeming may be affected by the capital gains.) 45000-16000=29000. 29000-6000(tax free)=23000. 15%(tax rate)x23000=$3450. But check the ATO website to be sure. Johny.
Thankyou Jonny l bought more shares with all the money after l sold them for the capital gain, my shares are worth around $60,000 . Regarding Deeming Centrelink Deems them to give me an income of $78 per fortnight, this is too low to effect my pension which is good, will the $23,000 capital gain have any impact on my pension?
Deeming is calculated by Centrelink from the assets that you own. It is a complicated formula, and it is best that you speak with them yourself. Johny.
