Stellar Accounts is your capital gains tax specialist Brisbane.
Do you know exactly what Capital Gains Tax (CGT) is or if you will incur it? And if CGT does apply to you, how much will you have to pay?
In this blog article, Stellar Accounts Owner and CPA, Debbie Hoffman, explains what is Capital Gains Tax – and how it may apply to you.
Got a question? Stellar Accounts can provide the expert advice and assistance you need, call us today on 0428 887 104.
What is Capital Gains Tax?
Capital Gains Tax occurs on the sale of an investment property or property from which you have earned assessable income from.
For example, if you have run a business from home or you have rented a room via Airbnb and then go to sell your property, you will incur capital gains tax.
How Do I Calculate Capital Gains Tax?
Simply put, CGT is calculated on the profit you make from selling your property (or a portion of the profit if you only rented a room in your home). The capital gain is added to your other income and is taxed at normal tax rates.
So how much capital gains tax will you have to pay?
There are concessions available and when calculating capital gains tax it is always best to chat to your accountant to ensure you are not paying more CGT than necessary.
Capital Gains Tax on an Investment Property
To calculate the CGT on an investment property call us today on 0428 887 104 or submit a quick online enquiry here, we’ll be able to determine if CGT applies and provide tax advice in relation to your investment property.
Stellar Accounts is Brisbane’s leading small and new business accounting firm. We have a reputation for simplifying your accounting, tax and bookkeeping needs so you don’t need to stress or worry.
With more than 20 years’ experience across a wide array of industries – our clients (typically small and medium sized businesses) – gain a distinct advantage over their competitors because we keep them in the loop of the latest information and regulatory requirements. Call us on 0428 887 104.
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