Capital Gains Tax
A capital gain or loss arises when a CGT event occurs on or after 19 September 1985. A capital gain occurs if the proceeds you receive from the CGT event exceed the total cost associated with that event. In other words if the amount you received when you sold the asset exceeds what you paid for it you have a capital gain. Any net capital gain that results from a CGT event is assessable income at your marginal tax rate. Capital gains or losses are made from the disposal of an asset such as
- land & buildings
- shares in a company
- units in a unit trust
- contractual rights
- options
- foreign currency
- leases, licenses & goodwill
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