Jump to content

selling your house - is it considered income?


  • Please log in to reply
10 replies to this topic

#1 Kacklan

Posted 31 March 2008 - 12:00 PM

Ok this is maybe a dumb question.....  unsure.gif

But when you sell your house, do you declare it as income? with tax and centrelink?

#2 Pagan

Posted 31 March 2008 - 12:13 PM

You really need to provide more information but...if it's your primary residence I think any capital gain is tax free.

If you are on a pension you can sell you house and it's not considered income for 12 mths, but they will deem that you are earning interest on the money and that interest is counted as income. Not sure about other payments though.

HTH

#3 diamondsandpearls

Posted 31 March 2008 - 12:25 PM

Previous PP is correct i am fairly sure it is only considered income if its an investment property.

#4 writestuff

Posted 31 March 2008 - 12:26 PM

Generally not if it's your primary residence and you've lived there a year or more, from what I remember, but I could be wrong.

#5 lindyloo03

Posted 31 March 2008 - 12:37 PM

Great Question. We are currently looking at selling our house due to interest rates (and renting) and wanted to know the same thing. We will have equity though, does that make a difference. Want to put the equity into a long term deposit account to buy another house in the future.

#6 wild~tulip

Posted 31 March 2008 - 12:53 PM

What you get from the sale of your residence is not income but it is if it's from the sale of a rental property.

Remember though if you put your money in a bank for any length of time the interest on the money is considered income.

Edited by wild~tulip, 31 March 2008 - 12:54 PM.


#7 KT1978

Posted 31 March 2008 - 01:16 PM

No, its not income.

If its an investment the "profit" is subject to capital gains but the whole amount is not taxable income.

If its primary residence it is not taxable in any way.

Only the earnings of your investment (interest) will be taxable.

KT

Edited by KT1978, 31 March 2008 - 01:16 PM.


#8 StilettoMum

Posted 31 March 2008 - 01:26 PM

If you run a a business from home or claim a portion of your house on your tax returns (ie as an office) you may be liable to pay a percentage of the profit.

- K

#9 Kacklan

Posted 01 April 2008 - 09:57 AM

Thanks everyone for your replies - that is what i thought, but just wanted to double check....

Lindyloo - that is where we are at as well...

#10 lindyloo03

Posted 01 April 2008 - 10:03 AM

sucks doesn't it Kacklan.

I look at it that we will be debt free, can pay of his car and upgrade mine and still have a chunk of money to sit on for the future.

Not ideal to rent after owning for so long but I would rather sell than lose my house. My parents lost their house and I never want to go through that.

#11 Kacklan

Posted 01 April 2008 - 10:29 AM

It sure does!

We have out grown our house, and although rent is "dead money" as they say.... here, we can rent a 4 bedroom, 2 bathroom, double garage, 2 living area house for around $150 per week cheaper than what we are paying in repayments/strata fees/rates etc now, and it gives us a chunk of money that otherwise probably would never have saved!

So to me it makes perfect sence! and in the future if these crazy interest rates come down, we will have a deposit already!




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

Australia's top baby names of 2013

Essential Baby has compiled the data available from government records around the country to bring you the list of Australia's top baby names of 2013.

Sara James: fighting for my daughter

Sara James was a high-profile New York journalist, but it was her own daughter's story which raised the most questions.

Siblings and best of friends

I know we'll have some tense moments. I know there will be arguments. But I also know these two will always have this most beautiful bond.

In defence of mums on the phone

I know news stories always attract a range of opinions, and I know they're a place for people to have an anonymous dig in. However, I also know that this mum bashing has to stop.

Rescue dog Zoey and BFF Jasper star in adorable pics

Photographer, self-professed "crazy dog lady" and mum Grace Chon takes photos of rescue dog Zoey and her 10-month-old son Jasper together. The results are just too cute. See more on Instagram @thegracechon.

Pregnancy essentials for the second and third trimesters

So you're through the first trimester of pregnancy - congratulations! Here are some tips for getting through the next six months as comfortably and happily as possible.

Coles Easter eggs recalled due to presence of tree nuts

An allergic reaction has lead to the urgent recall of a variety of Coles brand Easter eggs.

The ultimate travel stroller: the Mountain Buggy nano

We tried the Mountain Buggy nano and give it an enthusiastic thumbs up. As the ultimate travel stroller, it's practical, has great features, and looks fab, too.

Why I love the small age gap between my kids

Six months after our son turned one, we welcomed son number two into our lives. Yes, the small age gap had been planned - and there are things I love and hate about that small gap.

Parents warned about posting kids' photos online

Parents could be putting their kids at risk by posting images and information online which give away personal details, such as where they go to school and which parks they frequent.

Easter gifts for babies, no chocolate in sight!

If this is your little one?s first Easter you might want to mark the occasion with something a little extra special. Here are 10 Easter gift ideas, which won't harm little teeth.

Mum's the word when it comes to baby news

The arrival of a baby is big news, but friends and family need to understand it is not their news to share.

What?s in your parenting toolbox?

So often as parents, we don?t really talk about our ?parenting toolboxes?. But you need to be aware of what you and your partner are working with, and to decide what does and doesn't fit in your lives.

Classroom pregnancy prank goes viral

An American college professor has had to rethink his strict rule about answering cell phones in class after being the victim of an April Fools' prank that has gone viral.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Win the brand new phil&teds vibe

Check out the good looking new release of the Vibe 3 and the Verve 4-wheeler inline strollers. To celebrate their release, we have a Vibe with double kit to give away.

Baby sleep

From birth to one year and beyond, read about baby sleep, soothing techniques, routines, and sleep school experiences.

Australia's top baby names of 2013

Essential Baby has compiled the data available from government records around the country to bring you the list of Australia's top baby names of 2013.

Video: Dad turns son into action movie hero

Many kids would love to be an action movie hero in real life, but very few will ever be able to see themselves in movies like these.

Toilet training in winter

There?s no need to stop thinking about toilet training just because the temperature is dropping: winter is a good a time as any to start the process.

What do you do all day?

It's the question all new mothers dread. For Kate Fridkis, it's a question that strikes to the heart of what it is to be a woman.

Easter gifts for babies, no chocolate in sight!

If this is your little one?s first Easter you might want to mark the occasion with something a little extra special. Here are 10 Easter gift ideas, which won't harm little teeth.

Video: Baby starts his day with a dance party

Few people start their day the same way this little guy does ? dancing, smiling, and generally having an awesome time.

IKEA announces bed canopy recall

IKEA has recalled its range of bed canopies designed to suspend above children?s beds following reported cases of injuries and entanglement.

 

Free Printable Activities

Keeping little hands busy

Free printable acitivity pages like colouring in, cutting, word finders, mazes, maths activities and puzzles.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.