Capital Gains Tax Redcliffe

Total Business Partners, Redcliffe’s most trusted accountants, can assist you with capital gains tax planning. Managing your Capital Gains Tax obligations can be time-consuming and costly; however, Total Business Partners’ experts can provide the necessary advice and strategies to help you minimise your Capital Gains Tax obligations. Offsets and discounts are both legal ways to reduce your Capital Gains Tax liability.

Please visit our pages for capital gains tax in Brisbane, Sunshine Coast and North Lakes.

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What is Capital Gains Tax (CGT)?

Capital gains tax (CGT) is the tax you pay when you sell an asset like a house, business, or stock and make a net capital gain or profit. You must report any capital gains or losses on your income tax return. You must then pay capital gains tax. Contrary to popular belief, CGT is a component of your income tax rather than a separate tax.

There is no set amount for CGT in Australia. If you own a business, you must pay a capital gains tax of up to 30%. Individuals pay the same rate as their annual income tax, plus a 50% CGT discount for assets held for more than a year. Self-managed super funds pay a 15% tax on assets held for more than a year and receive a 33.3% tax break.

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How can CGT be avoided or reduced?

There are several options for lowering the amount of CGT you must pay:

Individuals who keep an asset for more than 12 months are eligible for a tax break.
Capital gains are offset by capital losses.
If you rent out your home, you should have it revalued. You are only liable for CGT from the point of valuation.
Use any CGT concessions or exemptions that apply to your small business.
Increase the cost base of your assets to reduce the number of capital gains you receive and must tax.

How can you calculate CGT?

The ATO’s CGT calculator is the most straightforward way to determine how much CGT you owe. The tool can also be used to save CGT records for future reference.

Is CGT different in each state?

CGT rates are consistent throughout Australia. Regardless of where you are or where your asset is, you can expect to pay the same rates and follow the same rules.

Capital Gains Tax FAQs

What asset sales are required to pay CGT?

Assets that you need to pay CGT on include:

  • Shares
  • Cryptocurrencies
  • Investment properties
  • Business vehicles and equipment
  • Commercial properties
What assets are exempt from CGT?

You don’t have to pay CGT on certain assets such as:

  • Any assets acquired before 20th September 1985
  • Your main residence
  • Personal vehicles
  • Assets in an investment property that are depreciating
How can speaking with a tax professional assist me?
Taking steps to reduce CGT is a sound financial strategy for both businesses and individuals. It is, however, illegal to avoid paying taxes entirely. A tax professional can assist you in not only meeting your obligations as a taxpayer but also in making your money and assets work for you.

Sunshine Coast Capital Gains Tax location

North Lakes Capital Gains location

Take a look at some of the additional services we offer in Redcliffe to promote success.

At Total Business Partners, our motivation comes from seeing our clients succeed. We strive to deliver the highest level of service and are Xero certified accountants with expertise in structural business planning and financial management. Our professional services are provided throughout Redcliffe and the wider Brisbane region including North Lakes, as well as across the Sunshine Coast.

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