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A capital gains tax (CGT) was introduced in Australia on 20 September 1985, one of a number of tax reforms by the Hawke/Keating government. The CGT applied only to assets acquired on or after that date, with gains (or losses) on assets owned on that date, called pre-CGT assets, not being subject to the CGT.
If an asset is held for at least 1 year then any gain is first discounted by 50% for individual taxpayers, or by 33 1 ⁄ 3 % for superannuation funds. Net capital losses in a tax year may be carried forward and offset against future capital gains. However, capital losses cannot be offset against income.
Due to this change in calculation of capital gains, capital gains tax can now be owed because of inflation, even when no gain in purchasing power was achieved. However, in some cases where an indexed cost base applies (where an asset was acquired before 11.45am (by legal time in the ACT) on 21 September 1999) applying the old indexation rules ...
Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period. An asset may include tangible property, a car, a business, or intangible property such as shares. A capital gain is only possible when the selling price of the asset is greater than the original purchase ...
Superannuation funds can claim a capital gains tax discount where the asset has been owned for at least 12 months. The discount applicable to superannuation funds is 33%, reducing the effective tax rate on capital gains from 15% to 10%. [8] No discount or adjustment is available if an asset is sold at a loss.
In addition, where an investment is sold, capital gains tax is payable by the superannuation fund at 15%. Much like the discount available to individuals and other trusts, a superannuation fund can claim a capital gains tax discount where the investment has been owned for at least 12 months.
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system , superannuation legislation, and other associated matters.
Under the new policy it is 36% with out a tax free limit. The old system presumes 7.6% gains for investments & 4% gains on banksaldo intrest, taxed 36% Taxation in the Netherlands New Zealand: 28% 10.5% [173] 39% [174] 15% Taxation in New Zealand New Caledonia [175] 30% 0% 40% 25% (on local income of non-residents) [176] — Taxation in New ...