Friday, December 1

Tag: Taxes

How Can I Avoid Paying Capital Gains Tax in Australia?
Finance, Business

How Can I Avoid Paying Capital Gains Tax in Australia?

Explanation of Capital Gains Tax (CGT) in Australia Capital Gains Tax (CGT) is a tax on the profit made from the sale of an asset, such as property, shares, or business assets. In Australia, CGT is levied on individuals, companies, and trusts, and is calculated based on the difference between the sale price of the asset and its original purchase price, adjusted for any associated costs, such as legal fees, stamp duty, and advertising costs. CGT applies to both domestic and foreign assets owned by Australian residents, and non-residents who own Australian assets. However, non-residents are generally only subject to CGT on certain assets, such as Australian real estate. The current CGT rate in Australia is calculated based on the taxpayer's income and marginal tax rate, and can range ...