Capital Gains Tax (CGT) | business.gov.au

Capital Gains Tax (CGT)

Last Updated: 28 April 2017

Capital Gains Tax (CGT) is the tax that you pay on any capital gain.�It's not a separate tax, just part of your income tax.

The most common way of making a capital gain or loss is by selling assets, such as property or vehicles, which is a CGT event.�Examples of a CGT event are when:

you sell or give away an asset to someone else

an asset...

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Website: https://www.business.gov.au

Related topics : capital gains tax home sale exemption / pay capital gains tax / capital gains tax income / capital gains tax selling / capital gains tax home sale

Little known ways to reduce capital gains tax on your ...

Little known ways to reduce capital gains tax on your investment property

Oct 02, 2013

Renting out your property can be a great way to earn some extra income, but there are tax implications that it's important to be aware of before you put your home on the market. The most significant of these is the capital gains tax, or CGT, that you must pay upon the eventual sale of your investment property....

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Website: http://www.mrtaxman.com.au

Related topics : capital gains tax investment property primary residence / investment property capital gains tax exemptions / capital gains tax investment property sale / investment property capital gains tax rate / capital gains tax investment property calculator

Calculating and paying capital gains tax - NAB

Calculating and paying capital gains tax

Calculating and paying capital gains tax doesn't have to be hard. Our guide runs you through the basics.

Capital gains tax need not be daunting. Here we've put together a quick guide to help you through the process.

Understanding capital gains and tax

A capital gain or loss is the difference between what you paid for an asset and what you sold it for,...

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Date: 2018-04-05 06:52:56
Website: https://www.nab.com.au

Calculating Capital Gains Tax (CGT) On Shares - Savings Guide

Calculating Capital Gains Tax (CGT) On Shares

March 21, 2014

by Kayla Wilson Leave a Comment

Learn how to calculate the tax you will pay when you sell your shares

When you invest in shares, it helps to have a general understanding of some of the tax implications this particular investment type may bring upon your finances.

The most common tax implication when investing in shares is calculating...

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Website: http://www.savingsguide.com.au

Related topics : tax calculator long term capital gains / investment capital gains tax calculator / capital gains tax shares / pay capital gains tax / calculating capital gains tax

atotaxrates.info/capital-gains-tax/cgt-and-non-residents/

In general, capital gains made by a non-resident are assessable only in relation to taxable Australian property , including real�property and land-rich�Australian companies. A land-rich company has more than 50% of its�asset value in land.

Comparable treatment is available for interests held through a fixed trust.

Non-final withholding tax on taxable Australian property transactions

[update...

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Website: https://atotaxrates.info

Understanding Capital Gains Tax - Domain

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Tax - that word never ceases to give us the chills. But aside from seeing a portion of your hard-earned income disappear, paying tax shouldn't be stressful - provided you do it right.

In the case of capital gains tax (CGT), that means knowing exactly when you are required to pay and how much of your profits are deemed taxable income.

What is CGT?

CGT is the tax you pay on any profits...

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Website: https://www.domain.com.au

ATO Clearance Certificate - 2017 Changes Now Required

ATO Clearance Certificate - 2017 Changes Now Required

ATO Clearance Certificate - 2017 Changes Now Required

6 November 2017

|By Kent Kwok

Recent law changes from 1 July 2017 in relation to the ATO clearance certificate will now affect over half of all real estate sales within Australia. Although the new laws target foreign investors, the burden falls on Australian residents to prove themselves in...

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Website: https://whichrealestateagent.com.au

11 Strategies To Minimise Your Capital Gains Tax

11 Strategies To Minimise Your Capital Gains Tax

11 Strategies To Minimise Your Capital Gains Tax

Capital gains tax (CGT) is the tax charged on the gain you make from selling an asset e.g. real estate, which you acquired after 20 September 1985.

For those in the highest tax bracket, you could be taxed up to 45% on your property's capital gain when you sell.

The good news is that with a bit of...

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Website: http://www.diypropertyinvestment.com

Capital Gains Tax (CGT) | Exfin - The Australian ...

Australian Capital Gains Tax (CGT) - An Introduction and FAQ's

Australia has had a comprehensive capital gains tax (CGT) regime since 20 September 1985. Individuals planning to move to Australia or leave Australia should understand the framework of these rules so they do not to trigger any "avoidable" adverse Australian CGT consequences. Some general information is provided below, but Exfin...

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Website: https://www.exfin.com

The nasty capital gains tax trap on business sales

The nasty capital gains tax trap on business sales

There's an unfair rule that means the ATO can tax you on money you've never even made.

By Adam Courtenay

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If you're lucky enough to have a strong buyer for your business - and the price is right - you're actually only halfway there. If the deal involves being paid an earn-out fee - whereby the full price will...

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Website: https://www.smh.com.au

Related topics : capital gains tax house sale / capital gains tax sale / pay capital gains tax / ato capital gains tax / capital gains tax rules

How Sars might tax your bitcoin transactions - TechCentral

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South Africa has no specific laws or regulations that deal with the use of cryptocurrencies like bitcoin. It follows that, to date, there aren't any court rulings or directives that focus on the tax treatment of bitcoin-related transactions. However, the South African Revenue Service (Sars) has voiced plans to release guidance on what the tax...

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Website: https://techcentral.co.za

Capital gains tax in Australia - Wikipedia

Capital gains tax (CGT), in the context of the Australian taxation system , is a tax applied to the capital gain made on the disposal of any asset, with a number of specific exemptions, the most significant one being the family home. Rollover provisions apply to some disposals, one of the most significant of which are transfers to beneficiaries on death, so that the CGT is not a quasi death duty...

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Date: 2018-03-20 07:52:18
Website: https://en.wikipedia.org

ATO likely on alert for cryptocurrency claims during tax ...

ATO likely on alert for cryptocurrency claims during tax time

By Michael Croker

Updated March 06, 2018 07:27:31

Map: Australia

Depending on who's talking, cryptocurrencies are either the next big thing or the currency of the underworld. But an increasing number of chartered accountants say their clients are interested in the tax ramifications of investing in this latest barbecue...

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Date: 2018-04-05 23:30:28
Website: http://www.abc.net.au

Inheritance Tax In Australia - Sean Paul Kelley

Do you pay tax on money left to you in a will in Australia?

We Answered:

In most cases, the answer is NO!

However, there are always exceptions to the rule and it depends on how you define the terms used. There is no inheritance tax , but the assets of the deceased may be subject to other taxes. A person still subject to income tax and other taxes up to the date of death, with the estate being...

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Website: http://www.seanpaulkelley.com

The ATO is coming for crypto traders | Business Insider

The Australian Tax Office (ATO) is establishing a taskforce to monitor cryptocurrency transactions, according to a report in The Australian Financial Review .

The taskforce aims to ensure cryptocurrency investors are paying the correct amount of tax.

A team of specialists across tax law, technology, banking and finance will devise strategies to follow the money on gains made from investment in...

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Website: https://www.businessinsider.com.au

Related topics : ato capital gains tax bitcoin / investment capital gains tax calculator / ato capital gains tax / australia capital gains tax calculator / calculating capital gains tax

Something every Kiwi in Australia needs to know | Beyond ...

I've sometimes thought that perhaps Australia needs to make a few things right with our trans-Tasman cousins.

I'm sorry about the underarm incident. It's embarrassing to think that we'd resort to cheating like that. And sorry that our recent cricketers show such embarrassing sportsmanship.

Also, sorry for all those predictable sheep jokes, and for trying to get you to say "fish and chips".

And,...

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Website: http://www.beyondaccountancy.com.au

The taxman is after your bitcoin profits — though the law ...

"Any financial gains made from the selling of bitcoin will generally be subject to capital gains tax (CGT) and must be reported to the ATO," a spokesperson from the tax office said.

But this remains a grey area that is yet to be tested in a court of law.

Until that happens, the ATO has advised cryptocurrency owners to keep good records of their intentions, transactions, and who received...

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Date: 2018-04-05 23:30:35
Website: http://www.abc.net.au

Related topics : ato capital gains tax bitcoin / investments free of capital gains tax / income tax long term capital gains / investment capital gains tax / ato capital gains tax

Are you renting out your principle place of residence ...

Are you renting out your principle place of residence?

Use the ATO Capital Gains Tax (CGT) property exemption tool to find out what if any Capital Gains are likely to be assessable on sale of the property

One of the main advantages of purchasing a Principle Place of Residence (PPR) is that generally speaking, there are no tax implications, provided you don't use it to produce income and it's on 2 hectares of land or less. �You should keep all the records relating to your home so that if your situation changes in the future - for example, you start to rent it out - you don't pay more tax than necessary.

For many people, over time this can amount to a...

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Website: http://www.1ststreet.com.au

Related topics : ato capital gains tax non residents / capital gains tax property sale / capital gains tax home sale exemption / capital gains tax on property / capital gains tax exemption

How to dodge tax in retirement - NewsComAu

tax

Five legal tax dodges to keep more money in retirees' pockets

YOU shouldn't pay more tax than you legally have to. Here are some strategies to cut your bill.

ANTHONY KEANE

News Corp Australia NetworkFebruary 24, 20151:22pm

Many retirees can save a lot of money but structuring their tax correctly.Source:Supplied

DODGING tax is different to dodgy tax, and retiring Australians have plenty of...

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Website: http://www.news.com.au

‘We will take strong action’: ATO outlines cryptocurrency ...

The tax treatment of cryptocurrencies, bitcoin in particular, is an ongoing source of confusion for advised and non-advised taxpayers.

However, this is unlikely to be a suitable defence for non-compliance at tax time 2018, particularly where taxpayers have not tried to engage with the ATO to understand and meet their obligations.

"Where people attempt to deliberately avoid these obligations we...

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Date: 2018-04-05 22:47:37
Website: https://www.accountantsdaily.com.au

Related topics : ato capital gains tax bitcoin / ato capital gains tax rate / ato capital gains tax / ato tax return / accountant tax return

Bitcoin and crypto-currency investment in an SMSF ...

The recent surge in the price of Bitcoin has many investors seriously looking at crypto-currency as a part of their SMSF investment portfolio.

So, can an SMSF invest in bitcoin and crypto currency, and if so, what must trustees and advisers be aware of?

There are a number of key areas that trustees need to consider and address if they are looking if invest their SMSF monies into Bitcoin and other...

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Website: http://www.superfundpartners.com.au

Related topics : ato capital gains tax bitcoin / capital gains tax investment property ato / australia capital gains tax on investment property / capital gains tax investment property / investment funds capital gains tax

Capital gains withholding clearance certificate ...

Capital gains withholding clearance certificate application online form and instructions - for Australian residents

Australian resident vendors should use the Foreign resident capital gains withholding clearance certificate application form to notify us foreign resident capital gains withholding doesn't need to be withheld from the sale of taxable Australian real property (the asset).

It provides...

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Website: https://www.ato.gov.au

4 common tax return mistakes: How to avoid unwanted ATO ...

capital gains on overseas assets

Are you working�overseas but not sure about the tax rules?

The ATO provides great information for Australian taxpayers who live and work overseas: Click Here

3. Over-claiming for holiday and residential rental properties

The most common tax return mistakes relating to holiday and residential rental properties are often due to the strict rules applied to when you...

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Website: https://www.etax.com.au

Related topics : tax return example for rental property / tax return claim expenses / capital gains tax on rental property / tax return claim online / tax return tracking online

Capital Gains Tax Exemptions | CGT Residence Exemptions

Six month rule

Principal place of residence

A property is defined as a principal place of residence (PPOR) when a person resides, occupies and lives in it as their home. If a property is considered an owner's PPOR then the owner is exempt from CGT (restrictions apply to properties on land over two hectares).

Fifty per cent discount

A property owner is entitled to a fifty per cent discount on CGT...

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Website: https://www.bmtqs.com.au

Related topics : investment property capital gains tax exemptions / capital gains tax investment property 6 years / capital gains tax investment property ato / capital gains tax investment property / new capital gains tax on property

Singapore's government says it's not a tax haven, it's a ...

Singapore is not a tax haven, it's a value-adding hub.

That is the claim of the island nation's Economic Development Board, the Singaporean government agency that's been charged with attracting business and investment. It has disputed recent claims at the Senate inquiry into corporate tax avoidance that it's being used as a tax haven channelling billions of dollars for Australian companies.

The...

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Website: https://www.smh.com.au

Related topics : australia capital gains tax rate / government sales tax singapore / investment capital gains tax rate / ato capital gains tax rate / trust capital gains tax rate

Tax Law - WWLP

Foreign-source Income�

Under Australian taxation laws, a resident of Australia is liable, subject to exceptions and exemptions, to Australian income tax on their worldwide income or income from a foreign source.�

If an Australian resident receives income or other taxable amounts from a foreign source in or outside Australia, they are required at the end of each financial year to declare in...

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Website: http://www.wwlp.com.au

Related topics : individual income tax return / tax credit pension income amount / resident income tax return / capital gains tax income / return on income tax

ATO Tax Rates 2017 - atotaxrates.info

�19c for each $1 over $18,200

�$37,001 to $80,000

�$3,572 plus 32.5c for each $1 over $37,000

�$80,001�to $180,000

�$17,547 plus 37c for each $1 over $80,000

�$180,001 and over

�$54,547 plus 47c for each $1 over $180,000

Levy on higher income earners

A Federal Budget 2014-15 measure applied a Temporary Budget Repair Levy of 2% to taxable incomes in excess $180,000, to take effect...

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Website: https://atotaxrates.info

How the U.S. Taxes J-1 Visa Holders | J1 Tax Refund

As a resident you are required to report your worldwide income on your U.S. tax return, and, under certain circumstances report your foreign bank and investment accounts.�You would file either Form 1040, Form 1040-A or Form 1040-EZ, and can claim all of the deductions and credits available for U.S. citizens. Most�treaty exemptions that apply to nonresidents are not available on the resident...

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Website: https://j1taxrefund.com

The 6 year rule for Capital Gains Tax ... - Momentum Wealth

Does the 6 year rule apply to the total of the two periods?

No. The ATO has said in TD 95/9 that the six year rule applies to each period of absence. That means you can...

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Website: https://www.momentumwealth.com.au

Related topics : ato capital gains tax 6 years / new capital gains tax rules / capital gains tax rules / new capital gains tax on property / capital gains tax advice

TA 2015/1 - Dividend stripping arrangements involving the ...

TA 2015/1

Dividend stripping arrangements involving the transfer of private company shares to a self-managed superannuation fund

The Commissioner's views on the application of section 177E of the Income Tax Assessment Act 1936 (ITAA 1936) are contained in Taxation Ruling IT 2627 and Taxation Determination TD 95/37 .

The Commissioner's view on the operation of the imputation system and section...

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Website: http://law.ato.gov.au

Online Tax Refunds

WELCOME TO ONLINE TAX REFUNDS

DIY Online Tax Return

QUICK & EASY, ACCURATE CALCULATIONS, MAXIMUM REFUND.

Online Tax Refunds

At Online Tax Refunds we can assist you to get the maximum tax refund by helping you lodge your return online. It's easy using our online tax returns , which allows you to lodge your tax online anywhere from a range of devices in as little as 15...

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Website: https://onlinetaxrefunds.net.au

ATO targets rental property and work-related deductions ...

As the end of the financial year approaches, two of the main targets will be illegitimate deductions for rental property - especially for holiday homes primarily used by family and friends - and people double-dipping on work expenses and/or making excessive claims.

Each year, more than 600 million pieces of data are reported to the ATO by third parties including banks, employers, health insurers,...

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Website: https://www.smh.com.au

Related topics : ato tax return / tax return claim expenses / federal tax return check / income tax return online check / check on tax return online

TD 95/60 - Income tax: are fees paid for obtaining ...

Taxation Determination

TD 95/60

Income tax: are fees paid for obtaining investment advice an allowable deduction under section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997) for taxpayers who are not carrying on an investment business?

Please note that the PDF version is the authorised version of this ruling.

This document has changed over time. View its history .

FOI status: may be...

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Website: http://law.ato.gov.au

Related topics : income tax assessment act 1997 capital gains / income tax assessment act 1997 (itaa) / income tax assessment act 1997 and 1936 / income tax assessment act 1997 pdf / income tax assessment act 1997

ATO Tax Rates 2018 - atotaxrates.info

�19c for each $1 over $18,200

�$37,001 to $87,000

�$3,572 plus 32.5c for each $1 over $37,000

�$87,001 to $180,000

�$19,822 plus 37c for each $1 over $87,000

�$180,001 and over

�$54,232 plus 45c for each $1 over $180,000

Temporary Budget Repair Levy ends

Legislation passed in 2014 applied the Temporary Budget Repair Levy of 2% to taxable incomes in excess of $180,000 for a period of...

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Website: https://atotaxrates.info

Tax Deductions For Uber Drivers & Rideshare Drivers ...

As tax time rolls around again, Uber drivers and rideshare drivers across Australia will�be looking to maximise their tax deductions. This article explains�the different options for claiming your vehicle expenses, how to keep a logbook, as well as a range of other potential tax deductions for rideshare drivers.

Motor Vehicle Expenses

There are two different methods available for claiming...

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Website: https://www.drivetax.com.au