5 Top Tips to minimise Capital Gains Tax

  1. Hold the asset long enough to get the CGT Discount – The 50% CGT discount is not available when you sell an asset that you have held for less than 12 months. Consider deferring the disposal of these assets until the 12 months threshold has passed.
  2. Capital Losses – Don’t forget to claim past or current year capital losses against the capital gain in the current year. Unclaimed capital losses carried forward from prior years are often forgotten.
  3. Small Business Concessions – Consider the availability of the Small Business CGT concessions, which have the effect of reducing or deferring a capital gain arising from the disposal of a business asset.
  4. Roll the gain into Superannuation – You may be able to avoid paying tax on capital gains if you use some or all of the funds to make a personal superannuation contribution.
  5. Roll the gain into another asset – CGT law allows some taxpayers to roll over a capital gain into a replacement asset, effectively deferring the tax on the gain until the replacement asset is sold.

Call Noel or Amanda for more information – (03) 9585 7555
or emailnoel@mktax.com.au