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Dariusz Golda
Nov 10, 2021
In Finance
If you sell a capital asset, like vacant land or property, you make a capital gain or a capital loss. Capital gains and losses must be declared in your income tax return and tax must be paid on your capital gains. CGT is part of your overall income tax. If you make a capital loss, it can be used to reduce other capital gains, but cannot be used to reduce other income. CGT does not apply to most personal assets, including your main residence (your home), car, motorcycle, boat and other personal use assets. Your main residence is generally exempt from CGT unless you’ve run a business from home or used it to earn rent. It is very important to keep all of the real estate records, in case in the future you start renting it out, or you start running a home-based business. CGT implications will be different for different people and different circumstances. For more information follow the link below or contact your trusted accountant and/or tax agent. https://www.swotaccountants.com.au/ https://www.ato.gov.au/General/Capital-gains-tax/
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Dariusz Golda
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