Capital Gains Tax (CGT)

Many taxpayers have made costly mistakes since the introduction of capital gains tax (CGT) back in 1985. Our team has seen them all, and we have the knowledge and experience to protect you from accidentally falling into the traps. All it takes is getting professional advice. So contact us before you buy or sell any asset at all.

• The timing of the sale is critical, particularly for businesses, but for individuals too. We examine your assets and advise you on how to manage CGT events.
• When buying an asset, even your home, we look at that asset's future possible use and advise on the best way of purchasing it to minimise possible future CGT.

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WHAT IS CGT?

Capital gains tax can apply on the sale or transfer of any asset purchased after 19 September 1985, causing a CGT event. However, there are exemptions, and some types of assets need special handling. The ATO knows when some held assets are sold, so audits are common.

A CGT event could be the sale of your home, a vintage car, artworks or a wine collection, or it could be a rental property, shares or business assets. The result could be a capital gain or a capital loss. You need to be clear:

• Have I just sold an item which may trigger a CGT event?
• How can I calculate the tax I have to pay?

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