In Australia ,there is a very clear-cut tax regime. There are certain rules that you need to follow, in order to enjoy your right as an Australian citizen. In this write-up, I have given some important information about the capital gains tax.
The most important Capital Gains advice is that you pay this tax of for the financial year when you make the capital gain. This counts as your annual income tax return. Any net capital gain you make for an income year must be included in your total income.
However, if you make a capital loss, you cannot claim it against income, but you can easily reduce a capital gain in the same income year. If your capital losses exceed your capital gains or you make a capital loss of an income where you don’t earn anything you can generally carry the loss forward and your small business accountant in Sydney deducts it against capital gains you make in the coming years.
To get more capital tax advice contact Gotsis Accounting.
