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What Is Capital Gains Tax?
Not everyone has to pay capital gains tax (CGT). Capital gains tax is what you pay on income that is classed as a capital gain. You are not be taxed on the whole amount, though. Capital gains tax is paid on your net capital gains. To work out what this amount is, you need to deduct certain amounts. These are: -
•Your total capital losses, plus any from previous years.
•Any CGT discounts that you may be eligible for.
•Any CGT small business concessions you may be eligible for.
Wages are not classed as capital gains. The profit from selling a property, business or some investment is usually classed as capital gains, or if a managed trust distributes capital gains to you.
You may be able to reduce your
capital gains tax by applying exemptions or rollovers to reduce the amount of capital gains. Capital gains tax applies to all assets, including, shares, land and units in a unit trust, foreign currency, collectables that you paid more than $500 for, contractual rights, options and goodwill.
It's worthwhile getting professional advice on the subject of capital gains tax. Unless you know what you are doing, the subject can become quite complicated.
Use a mortgage calculator and find out more about costs associated with home loan at QuickDirect (www.quickdirect.com.au).
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