Capital Gains Tax may apply when you sell or dispose of certain assets, such as:
an investment property
shares or investments
business assets
an interest in a business
other assets covered by the CGT rules.
CGT isn't usually a separate tax bill. A capital gain generally forms part of your taxable income.
Why Should You Think About CGT Early?
One of the biggest mistakes people make is waiting until after an asset has been sold to ask about the tax.
By then, the transaction has already happened.
Talking about the possible tax consequences beforehand can help you understand:
whether CGT may apply
approximately what information will be needed
whether relevant concessions or exemptions may apply
how much tax you may need to prepare for
whether specialist advice should be obtained before completing the transaction.
Who May Need CGT Assistance?
Property investors
Share investors
Business owners selling assets
Individuals disposing of investments
Companies
Trusts
Clients considering a significant asset sale
How SKC Accounting Can Help
Depending on your circumstances, we may assist with:
CGT calculations
reviewing purchase and sale information
investment-property transactions
share disposals
business-asset disposals
reviewing potentially available concessions or exemptions
tax-return reporting
discussions before a proposed transaction.
Common Questions
Can't find your question? Email us.
Does selling an asset always mean I have to pay CGT?
No. The outcome depends on the asset and your circumstances.
Should I speak to my accountant before selling an investment property or business asset?
Where possible, yes. Understanding the potential tax outcome before acting is generally better than finding out afterwards.
Clients Needing CGT Assistance Often Also Need
Property Investor Services
Continue Learning
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How Do I Prepare My Business for Sale or Succession Years Before I Want to Leave?
Service Delivery Disclosure
SKC Accounting Financial & Advisory Services Pty Ltd trading as SKC Accounting is a licensee of Platinum Accounting Australia Pty Ltd (Platinum). Platinum is a Registered Tax Agent (Tax Agent No. 24683431). Tax agent services, including the preparation, review and lodgement of tax returns, and BAS/GST services requiring registered-agent authority, are provided through Platinum under the applicable engagement arrangements. For more information, please visit Platinum Accounting Australia.
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