When you have to pay Capital Gains Tax, any Australian resident can feel overwhelmed. What exactly are you obligated to pay when selling real estate? And is there a discount method you’re not aware of? Let our team help you pay capital gains tax…and you may even save along the way.
In any sale of property there will be a capital gain or loss. A CGT event comes into play if there is a gain. This means your selling price is higher than the original purchase price. You need to pay taxes on this gain. It’s called capital gains tax CGT but this is still part of any individual’s income tax that comes into play when you sell an asset.
This is not a separate tax, so you need to take it into consideration when looking at your assessable income.
This tax came into effect on 20 September 1985. There are multiple reasons to be exempted from this tax, for example if you live in the building you’re selling. Also, over the years there have been various CGT changes and additional guidelines from the Australian taxation office. This makes it difficult to understand what you as a business- or homeowner needs to add to your tax return in the year of selling an asset.
CGT is a challenge for many and it’s wise to discuss your assessable income with a tax expert. So, how can we assist?
We’re here to ensure a smoother process from calculating your net capital gain to confirming your taxable income and making sure you align with what the government expects. Here’s how we do it.
Determining what CGT tax rate you’ll need to pay is often not an easy task. Does the indexation method apply to your asset or not? And how does the stamp duty come into play in your specific case after you agreed on a sale price? We can confirm all the facts, calculate the exact amount and make sure you don’t get in trouble with the law.
When exactly you purchased your asset and the date of sale will affect what CGT you’ll pay. If you know you’ll sell an asset, such as a rental property, in coming months, why not plan ahead and make sure of all the factors at play? Let’s draw up a budget so your expectations meet reality.
There are many rules and regulations to keep in mind. You may be eligible for the 50 discount rule on a gain if you’re an individual, but only 33.3% if the sale relates to an SMSF. Also, specific small business CGT concessions rules apply to businesses. Let’s help you find the exemptions and rules that apply so you don’t pay more than you have to.
Are you aware that even gains on the sale of your overseas assets can be added to your assessable income? With insight into all aspects of tax law, our team can help you manage these complicated matters.
Calculating CGT is an important task for both homeowners AND businesses. Thanks to the additional guidelines put in place on 21 September 1999, small businesses can enjoy the benefit of certain concessions. But keeping all these different guidelines in mind, results in tax season feeling quite overwhelming, right? And you may not have an expert on your team to guide you through it.
At Superior Business + Tax, we have experience handling Capital Gains Tax for both consumers and businesses. You can trust us with your family and your business future.
When looking for advice on CGT Perth, Sydney and many other cities’ residents trust our team. Whether you’re an individual or you’re concerned with the tax you pay for your business, we can help. We’ve worked on all types of cases. And here’s why we keep getting positive feedback.
Our experts give each of our clients the necessary time and attention they deserve. This ensures the best results.
You don’t have to waste time trying to figure out your cost base, CGT or discounts, because we do it and we do it right the first time. You’ll work with experienced team members who stay up to date with changes in the industry.
We care about each client’s case because we don’t want any Australian resident paying more than they have to. We’re on your side and we prioritise getting it right. You’ll receive prompt feedback, professional service and meticulous work will be done on your behalf.
We won’t shirk our responsibilities. Our team takes the necessary time and do the research to determine your exact taxable income. We do the hard work for you.
Have some questions? Here are a few commonly asked Q & A's:
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Viv Paver
Chrissy is very knowledgeable and very professional at her job, no question is too big or too small. She is fantastic at communicating and will always get back to you as soon as she can.
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Jason Roney
I have had 3 accounts over the last 30 years Chrissy is the most professional, friendliest and Proactive accountant I have dealt with so far. I will continue to use Superior services.
Bill Man
Highly recommend Superior Business & Tax! The team are Professional, personable and highly experienced.
Bianca Baker
Chrissy is extremely professional, prompt and knowledgeable, I highly recommend her for tax return lodgements and will be using her services in future. Thanks so much for your amazing work.
Gwynette Govardhan
We used Superior Business & Tax and were extremely happy with the support and progress we made filing our taxes. Christelda sent us questions we needed to provide paperwork to or responses for as we were unable to attend the office in person. Very accommodating! Thank you for making tax time easy on us!
Matt & Nicole Waters
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