Capital Gains Tax
Allow McCarthy Accountants to consult with you prior to making any decisions to sell. You don’t want any capital gains tax surprises when it comes to declaring the profit made from the investment to the ATO.
When purchasing an investment there is generally a significant amount of focus on the associated costs. For a property we think about items like stamp duty, legal costs, and loan establishment costs. But, when selling these investments we find that not nearly as much focus is allocated to exit costs like Capital Gains Tax.
While the selling price is very important and most remember that debts associated with the investment need to be repaid, many forget to include the Capital Gains Tax (CGT). Unfortunately profit you make from the investment is subject to tax and it’s an important factor to consider, especially when the funds may be being used to purchase another investment.
Allow McCarthy Accountants to consult with you prior to making any decisions to sell. You don’t want any surprises when it comes to declaring the profit made from the investment to the ATO. We can give you some advice on how to calculate Capital Gains Tax and how to minimise this cost. Given that CGT is tied to your taxable income, it can vary greatly and timing can have an impact of the outcome. Knowing the best time and way to claim your CTG will make all the difference to your bottom line.
As always, being well informed is the key to success and McCarthy Accountants would be happy to provide you with all the advice required to help with any Capital Gains Tax queries before you sell your property.