Capital Gains Tax (CGT) can be a very complex issue especially for someone who is not familiar with tax law. CGT is a tax paid on any capital gain that is made in a given financial year. This can include the sale of a property, shares or managed fund investments. It forms part of your income tax liability.
How to resolve your CGT Issues
There are a number of assets that are exempt from CGT, including your home and car, and depreciating assets used solely for taxable purposes. If you’re an Australian resident CGT applies to your assets anywhere in the world.
It’s especially important to start keeping records immediately after acquiring an asset because it is more than likely you will have to pay tax on it in the future. Your records will ensure you don’t have to pay more tax than necessary.
The ATO pays close attention to CGT and conducts many audits each year to ensure taxpayers are compliant with their legal obligations. This involves auditing individual’s right through to large businesses.
If you have a CGT issue that needs solving, the tax accountants at The Quinn Group are able to provide comprehensive advice regarding Capital Gains Tax regulations and requirements. We can look at ways to help you legally reduce your CGT liability; liaise with the ATO relating to CGT audits and general advice in relation to CGT. Visit our website to submit an online enquiry or call our office on 02 9223 9166.