Capital Gains Tax Sunshine Coast & North Lakes

Simplify your Capital Gains Tax with Sunshine Coast’s most trusted accountants at Total Business Partners. Managing your Capital Gains Tax can become time-consuming and costly however, the experts at Total Business Partners can offer the right advice and strategies to minimise your Capital Gains Tax obligations. Offsets and discounts are legal ways to minimise your Capital Gains Tax obligations.

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

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What is Capital Gains Tax (CGT)?

Capital gains tax (CGT) is the tax you pay when you make a net capital gain, so any profits, on a sale of an asset such as property, business or shares. You need to report any capital gains or capital losses in your income tax return. You then need to pay tax on your capital gains. Despite the name, CGT is part of your income tax rather than being a separate tax.

There’s no fixed amount for CGT in Australia. If you’re a company, you pay up to a 30% tax on any capital gains. For individuals, you pay the same rate as your income tax rate for that year and get a 50% CGT discount for assets you’ve had for more than 12 months. For self-managed super funds, you pay a 15% tax and receive a 33.3% discount for assets you’ve had for more than 12 months.

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How can you avoid or minimise CGT?

There are various ways to minimise the CGT you need to pay:

Keeping an asset for over 12 months entitles you to a tax discount if you’re an individual.
Offsetting capital gains with capital losses.
If you’re renting out your residential property, have it revalued. You’re only liable for CGT from the point of valuation.
For small businesses, take advantage of any CGT concessions and exemptions that apply to you.
Increase your asset cost base, which reduces the number of capital gains you receive and can be taxed on.

How can you calculate CGT?

The easiest way to calculate how much CGT you owe is to use the ATO’s CGT calculator. You can also use the tool to save your CGT records for the future.

Does CGT differ between states?

CGT rates are the same throughout Australia. You can expect to pay the same rates and have the same rules apply regardless of where you’re located or where your asset is located.

Capital Gains Tax FAQs

What asset sales are subject to 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 talking to a tax professional help me?
Whether you’re a business or an individual, taking steps to minimise your CGT is a sensible financial strategy. However, avoiding paying taxes altogether is illegal. A tax professional can help to make sure you fulfil your obligations as a taxpayer and that you make your money and assets work for you.

Sunshine Coast Capital Gains Tax location

North Lakes Capital Gains Tax location

Take a look at some of the other services that we provide in Sunshine Coast to facilitate success

At Total Business Partners, we are driven by the success of our clients. We are Xero certified accountants, well-versed in structural business planning and financial management, and always look to provide the best standard of service. With this in mind, we have chosen to offer the following comprehensive services to help Sunshine Coast businesses thrive. We also provide services to the wider Brisbane region, including North Lakes.

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