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Capital Gains Tax

A capital gain (or loss) is the difference between what it cost when it was purchased and is received when it is sold.  A capital gain is treated by the ATO as taxable income, but a capital loss can’t be offset against your income.  You can however, use a capital loss to reduce a capital gain in the same year and you can carry forward a capital loss indefinitely.

 

There are a number of strategies that can be used to counteract your capital gains tax (CGT) obligations including:

  • Deducting everything you’ve spent on your asset from the capital gain
  • Strategically exiting loss-makers to offset gains
  • Deferring losses to a year when your capital gains are expected to be higher
  • Holding on to your asset for more than 12 months before selling – this means you’ll only pay CGT on 50% of the gain
  • Salary sacrificing into your Super fund up to your pre-tax contributions limit

Our tax services also include:

BAS & GST

The end of each quarter doesn’t need to be stressful – whether you need us to compile your BAS return for you or just cast an eye over your return, we’ll keep your quarterly returns simple

End Of Year Tax

The end of the financial year brings compliance requirements and it’s a great time to review plans for the next year

Tax Minimisation

Keeping your tax bill as low as possible is our focus and we know all the extra bits and pieces that will help you reduce your obligation

Fuel Tax Credits

If you use fuel for running plant, machinery or heavy vehicles we’ll help you get credits for the tax you’ve paid.

Fringe Benefits Tax

If you provide your staff with benefits in lieu of wages you may need to pay fringe benefits tax