Selling a business, property, collectables, Shares, bonds, options and other assets could be a “Capital Gains” event. You could end up with a capital gain or loss. In other words, you may be taxed on any gain you make on the sale of an asset.
The Australian Taxation Office (ATO) assists individuals and businesses by allowing for concessions and exemptions on capital gains and losses. Certain things to look out for include:
• Exemptions on certain assets, such as a car, potential hobbies and other items.
• Exemptions and concessions for your principle place of residence including 6 six year main residence exemption, exemptions on land under development, exemptions on two properties at the one time, etc. This effectively means that in certain instances, you could be exempt from capital gains tax on the gain on a property even if you did not live in it for the full period. The rules and criteria for each concession are fairly involved, therefore is best if you seek proper advice. A tiny bit of advice could save you thousands of dollars.
• Concessions for your small business including an additional 50% discount, different rules where you could walk away from the sale of your business tax free if certain conditions are met.
• 50% discount on assets held for longer than 12 months,
• and many other concessions and exemptions.
We can help you assess your situation to see if you can save thousands of dollars and all it takes is one meeting to see if we can help you.
Please click on the button below to fill out a form or call us at 1300 135 918 for expert advice from our Chartered Accountants in Sydney regarding Capital Gains Tax.