SKC ACCOUNTING · AUSTRALIA

Capital Gains Tax (CGT)

Selling an Asset? Think About the Tax Before You Sell

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UNDERSTANDING YOUR BUSINESS

Capital Gains Tax may apply when you sell or dispose of certain assets, such as:

  • an investment property

  • shares or investments

  • business assets

  • an interest in a business

  • other assets covered by the CGT rules.

CGT isn't usually a separate tax bill. A capital gain generally forms part of your taxable income.

Why Should You Think About CGT Early?

One of the biggest mistakes people make is waiting until after an asset has been sold to ask about the tax.

By then, the transaction has already happened.

Talking about the possible tax consequences beforehand can help you understand:

  • whether CGT may apply

  • approximately what information will be needed

  • whether relevant concessions or exemptions may apply

  • how much tax you may need to prepare for

  • whether specialist advice should be obtained before completing the transaction.

Who May Need CGT Assistance?

Property investors

Share investors

Business owners selling assets

Individuals disposing of investments

Companies

Trusts

Clients considering a significant asset sale

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How SKC Accounting Can Help

Depending on your circumstances, we may assist with:

  • CGT calculations

  • reviewing purchase and sale information

  • investment-property transactions

  • share disposals

  • business-asset disposals

  • reviewing potentially available concessions or exemptions

  • tax-return reporting

  • discussions before a proposed transaction.

USEFUL ANSWERS

Common Questions

Does selling an asset always mean I have to pay CGT?

No. The outcome depends on the asset and your circumstances.

Should I speak to my accountant before selling an investment property or business asset?

Where possible, yes. Understanding the potential tax outcome before acting is generally better than finding out afterwards.

Clients Needing CGT Assistance Often Also Need

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