Capital gains tax

How to calculate capital gains tax (CGT) on your assets, assets that are affected, and the CGT discount.

What is capital gains tax?

Capital gains tax (CGT) is the tax you pay on profits from selling assets, such as property.

You report capital gains and capital losses in your income tax return and pay tax on your capital gains. Although it is referred to as 'capital gains tax,' it is part of your income tax. It is not a separate tax.

If you have a capital gain, it will increase the tax you need to pay. You may want to work out how much tax you will owe and set aside funds to cover it.

List of CGT assets and exemptions
Check if your assets are subject to CGT, exempt, or pre-date CGT.

Acquiring CGT assets
Establish the date you buy or acquire an asset, your share of ownership and records to keep.

CGT events
How and when CGT is triggered, such as when an asset is sold, lost or destroyed.

CGT discount
Find out if your asset is eligible for the 50% CGT discount.

Calculating your CGT
Use the calculator or steps to work out your CGT, including your capital proceeds and cost base.

Property and capital gains tax
How CGT affects real estate, including rental properties, land, improvements and your home.

Shares and similar investments
Check if you are an investor or trader, and how it affects tax on your shares or units in a fund.

Inherited assets and capital gains tax
How and when CGT applies if you sell assets you inherited, including properties and shares.

Foreign residents and capital gains tax
How CGT affects your assets if you are a foreign or temporary resident, or change your residency.

Relationship breakdown and capital gains tax
Find out if you can defer, or 'roll over', CGT on assets that transfer to you in a divorce.

Market valuation of assets
When and how to get your assets valued for CGT purposes.

How to complete the capital gains section in your tax return
Instructions for completing the CGT section of the individual income tax return.

Small business CGT concessions
Find out if your small business can reduce, disregard or defer CGT on an active asset.

Depreciating assets
How CGT affects depreciating assets like business equipment.

ATO
ato.gov.au

Mark Lisle

Mark is our managing partner and has been with the firm for over 36 years. He brings a wealth of experience in all areas of our business, including business advisory, taxation and self managed superannuation.

Mark’s ethos is that good advice stems from working closely with our clients and being prepared to go that extra step to assist them in meeting their goals and optimising their financial position.

Mark is a Fellow of Chartered Accountants Australia and New Zealand, an accredited SMSF Specialist and a registered SMSF auditor.

Outside of work, Mark enjoys trying to keep fit and spending time down at his “second home” in Port Fairy.

Josh Laing

Joshua began working at Rundles in 1999 whilst still completing his Bachelor of Business (Accountancy) degree at RMIT. After graduating in 2001 he was admitted to the Institute of Chartered Accountants Australia and New Zealand in 2004. Joshua spent two years working in London before returning to Rundles in 2006.

Josh has a wealth of knowledge across a broad range of industries as well as in Self Managed Superannuation. Josh enjoys working with family groups and businesses to ensure they’re structured correctly to maximise asset protection, succession planning and management of tax.

Married with 2 children, Josh spends his weekends with his family and following the Tigers.

Brad Roach

Brad has been a part of the Rundles Team since 1996 and became a Partner of the firm in 2014. During his time at Rundles, Brad has developed a strong relationship with his clients across a wide range of industries and is dedicated to assisting them to reach their personal and business goals.

Brad is passionate about seeing his clients succeed and utilises his extensive experience in public practice to provide a holistic service to his clients. He also has a wealth of experience in superannuation, particularly self managed superannuation funds.

In his spare time, Brad likes to play a round of golf with friends and enjoys watching his two sons play various sports.

Peter Davison

Peter graduated from RMIT with a Bachelor of Business (Accountancy) with distinction in 1976. He joined Rundles upon graduating. Peter has been a member of the Institute of Chartered Accountants since 1979 and a Fellow since 1991. As an active yachtie of many years, Peter can often be found on the water. Otherwise, he and his wife spend time with their friends and extended family.

Sandy Gilbert

Sandy was admitted to the Institute of Chartered Accountants in 1973 and has been a Fellow since 1983. He gained extensive experience in auditing and accounting services over seven years at Pannell Kerr Forster before joining Rundles in 1973. Sandy is married with three children. A former amateur footballer of some note, Sandy is still an avid follower of the game and enjoys weekends at his country retreat.