The property is regarded as a capital asset and any gains that you get from the sale of commercial or residential properties is considered as a 'Capital Gains' as per the Income Tax Act in Australia Capital gains tax was introduced in Australia on 20-09-1985, this tax applies only to assets acquired on or after that date. Here, I have given some scenarios where you don’t require paying income or capital gain taxes in Australia.
• Winnings or losses from gambling are not coming under the tax. Means if you will in the casino you don’t have to pay any tax.
• Compensation for an occupational injury or for personal injury or illness of oneself or a relative can easily avoid from tax if you get proper advice from a small business accountant in Sydney.
• Personal use assets, which include boats, furniture, electrical equipment, are not come in tax slab up to certain extent limit. To know about this subject contact Gotsis accounting firm in Australia.
This firm also provide expert capital gains tax advice to you.
