Capital gains
Capital gains tax.
Advice on the tax consequences of selling or disposing of assets, ideally before the sale.
Overview
Advice on the capital gains tax consequences of selling or disposing of assets, including property, shares and business assets.
We look at the exemptions and concessions that may apply before a disposal, while there is still room to plan, as well as reporting the gain correctly afterwards.
What this covers
- Asset disposals
- CGT exemptions and concessions
- Main residence considerations
- Small business CGT concessions
- Planning ahead of a sale
- Reporting capital gains and losses
What we will need
- The purchase contract and settlement statement
- The sale contract, or the terms being considered
- Records of costs: stamp duty, legal fees and agent commission
- Records of capital improvements and when they were made
- Depreciation schedules, for a rental property
- Details of any prior year capital losses
Worth knowing
Timing changes the outcome.
Individuals who have held an asset for more than twelve months are generally entitled to a 50 per cent CGT discount on the gain, and a CGT event is usually triggered on the date of the contract rather than settlement. Both of those make the timing of a sale worth looking at before you sign, not after.
Who this is for
Property sellers
Investment property, or a home that has not always been one.
Share and fund investors
Disposals, parcels and carried forward losses.
Business owners selling
Where the small business concessions may apply.
Anyone planning a sale
Looking at the position while there is still room to act.
Get in touch
Let's get your tax sorted.
Whether you're lodging your tax return or looking for ongoing business support, GBTax is here to help.
Send an enquiry and we'll come back to you to arrange a time, or email info@gbtax.com.au.