Structuring contracts and capital gains tax

It seems that wherever you turn in Australian commercial transactions you are faced with a state or federal tax.   Capital Gains Tax (CGT) applies to a capital gain which is made upon a disposal of a CGT Asset, subject to specific exceptions and exemptions.  CGT forms part of income tax and is not considered a separate tax.  A capital loss cannot be claimed against income but can be used to reduce a capital gain in the same income year.  If capital losses exceed capital gains in an income year, they can generally be carried forward and deducted against capital gains in future years. [Read more…]

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