Can you please give me an idea on how much CGT I would owe?

Q.

I bought a property last year for $330,000. I currently owe $280,000 on it and it is now worth $368,000 after 10 months. My debts, including the house, are worth $315,000. Is it best to sell my house and start again, rent it out, or refinance and consolidate all my debts and rent it out? I am worried about the amount of capital gains tax I would have to pay too if I were to sell. Can you please give me an idea on how much CGT I would owe? I am unsure of which option to take and your feedback would be helpful.

The amount of CGT is calculated by taking the cost of the home including purchase cost and capital improvements from the net selling costs. Once you have kept the property for over a year, you will be entitled to a 50% discount so if it cost you $340,000 in total and you sold it for $350,000 clear the adjusted CGT would be just $5,000 which would be added to your taxable income. My suggestion is to hang in there if you can because it would cost you at least $40,000 in transaction costs and tax to sell and rebuy.