Capital Gains tax is when you sell an asset or an investment for more than you paid for it.
In this video we explain capital gains tax (CGT).
The 3 contributing factors to understand.
1. The Cost Base
2. Who owns the asset (Which Tax Zone?)
3. How long have you owned the Asset. (CGT Discount)
Then we then do the maths to work out a capital gains example & the amount of tax you’d pay.
General Advice & Accuracy warning:
The material shown in this presentation is for general information purposes only. It is not intended to be, nor should it be read as specific personal investment or risk advice.
Whilst all care is taken in the preparation of this material no warranty is given with respect to the information provided, and accordingly no responsibility for errors or omissions, including responsibility to any person by reason of negligence is accepted by What If Advice Pty Ltd, or any member or employee of What If Advice Pty Ltd.
Before acting on any of the information contained in this presentation you should obtain special advice from a specialist investment or risk professional, which is appropriate to your specific investment or risk needs, objectives and financial situation. .
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Capital Gains Tax (CGT) Explained | Finance 101 | Australia | 2019
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28 comments
Investing with Mrs Trisha has been the best step I have ever took in my life, may God bless that day I meet her
Is the discount based on living in the house or has nothing to do with it? just 12months or more?
Thanks for the video.I assume if the property is jointly owned with the partner, that example of $85K will be divided into 2 and added to their income..is this correct ? Thanks heaps
Great video, thanks! Now, I have a question: how does depreciation work if I’ve been off setting it within my individual yearly tax returns? Thanks
What about the building depreciation claw back? isn't this deducted on your cost base which may significantly affect the CGT you will pay?
Hey mate, what about capital losses in Australia? I know America you can claim up to $3,000 back, can you help :)?
So if you were on a government pension and you had invested in Bitcoin and it was say worth $10,000,000 when you sold it, but purchased it 2013 would that mean you get a 50% off the 45% CGT rate as an individual? and would you have to pay any other tax?
Thank you for your video!
I’m new to investing and could you please confirm, if we have bought shares but not sold them in the last financial year, then we don’t need to disclose this to the ATO during tax returns nor do we pay any tax for the unsold shares, correct?
Thanks in advance!
Are people above 60 exempt from CGT?
Fantastic explanation – very easy to understand.
Excellent and easy to follow explanation
question, is it after 5 years CGT comes no existant? or you just don't pay as much?
This is actually amazing. Well done, but to improve maybe do another example like a company etc
50% percent DISCOUNT for individual capital gains tax….. You are definitely a glass fall full man.
Who knows should I pay any taxes to ATO if I owned american shares less than a year, then sold them with profit, but I left these money at my broker's account (I reinvested these money again in others shares)?
Would this be the same with cryptocurrency?
Hi.
For example, If a business owner decides to demolish his small business shop and decides to build 5-6 storey building in that land and gets permission (approval) from the local council. With no experience in this field, the owner appoints a builder for the construction of the apartment then these apartments are sold individually to the public through a leading real estate age.
My question is – if CGT is ignored, is the sale proceeds generated from the apartmnets generate ordinary income..?
I'd also sugguest you to please upload these same short videos on your Instagram's page as IGTV videos. You explain Great content in nutshell.
Thanks a lot 🙂
Bob Hawke can rot in hell , for introducing it typical socialist turd thanks to him less millionaires and middle class = less self retired
that means as a individual if i make up to 18000 just by selling shares and have no other salary or wages income, i dont have to pay tax. is that right?
Hi
If you buy a land and house package as investment. When does the minimum 12 months starts? Land purchase contract date to sell contract date? Or something else
Thanks for your advise
very well explained. thank you for the video.
Just 1 question:
If I owned an investment property for 8 years. would I be able to claim inlation of (CPI say 3%) the purchase price as well?
Thanks Conaill! I learnt about the importance of knowing your Cost Base. I guess it would have an impact on some of the larger magnitude purchases. Just an idea for future videos – maybe you can touch on how you're meant to treat losses from trading shares? Thanks!
Hi, does this apply to shares CGT also?
How is this right, if you already paid the 50% from the 170k would that main you don't need to pay tax on that capital gains again?
Hi says who own the house, is it means to actually live in or doesn’t matter, as long as the house is in my name even though I did not live in but rent out?
This is a really good video, thank you!
Great info, got yourself a new subscriber here
Great vid mate