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Capital Gains tax in Australia

The presentation aims at explaining the capital gains aspect of Australian Tax office. It explains the capital gains tax aspects from Income Tax Assessment Act 1997. It explains Calculation of Capital gains, set off of capital gains, carry forward of capital gains etc.

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Capital Gains tax in Australia

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  1. OUTSOURCE Your Accounting Work A brief on Capital Gains Tax in Australia

  2. A brief overview on Capital Gains Tax for Australian Tax Payers This Presentation is aimed at explaining the taxability of Capital Gains Tax in Australia

  3. Taxability of Capital Gains • Addition to taxable income: Capital Gains are added to the taxable income of the Assessee • Assets Covered: • All the assets acquired after 20th September 1985 are taxable to capital gains tax. • However personal assets are exempt from capital gains. For eg, capital gains tax is not payable on personal house, furniture, car for personal use etc. • Business assets on which depreciation has been claimed are not liable for capital gains tax. • Assessee can generally discount a capital gain by 50% if they hold asset for more than a year.

  4. Calculation of Capital Gains Loss: • If during any year Assessee has capital loss, he can claim it as deduction from profits of that particular year. • However capital losses cannot be offsetted against the business profits. • Carry Forward of Losses: Capital Losses can be carried forward to claim offset in succeeding year against capital gains of coming years.

  5. Calculation of Capital Gains: • Deduction of Expenses for selling of assets: • Expenses incurred for sale of assets are deducted from the sales proceeds • Expenses for Improvement of Assets: • Expenses incurred for improvement of assets are added to the cost of assets. • Asset used partially for business purpose: • In case asset is partially used for personal needs the calculation of depreciation has to be done in specific manner as per uniform capital allowance (UCA) system

  6. Rayvat Accounting. COMMUNICATION ADDRESS: Plot No : 10, G.I.D.C Electronic Park IT/ITES SEZ Kolwada Road, Gandhinagar- 382026, Gujarat, India. CONTACTS: Rushabh Shah Mob: +91 9712381843 Skype: rushabh_s_shah WEBSITE: www.rayvataccounting.com Email: rushabh@rayvat.com

  7. Thank you

  8. Note: • This presentation is aimed at explaining the basic aspects of legislation. • This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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