Capital Gains Tax Accountant

In general terms, capital gains tax is not a separate tax — it is the part of your income tax that applies when you dispose of a capital asset such as a property, a parcel of shares or another investment. A CGT event happens on disposal, and any net capital gain for the year is generally added to your assessable income and taxed at your marginal rate. Whether a particular transaction triggers CGT, and how much is assessable, depends on your circumstances, the timing, the cost base and the relevant rules, so we work it through case by case rather than applying a single formula.

As a general guide, a capital gain is the difference between the capital proceeds you receive on disposal and the cost base of the asset. The cost base is more than just the original purchase price — it can include certain incidental costs of buying and selling and some ownership costs, depending on the rules. If the proceeds exceed the cost base there is generally a gross gain; if the cost base exceeds the proceeds there is generally a capital loss. The precise figure depends on the records, the timing and how the asset was used, so the calculation is always specific to your situation.

Broadly, the CGT discount can reduce the taxable portion of an eligible gain where the asset has been held for at least the required period before the CGT event. The availability and size of any discount depends on how long you owned the asset, the type of owner — for example an individual, a trust or a company — and, following the Treasury Laws Amendment (Tax Reform No. 1) Act 2026, on when the CGT event happens. For CGT events before 1 July 2027 the 50% discount continues for eligible resident individuals and non-superannuation trusts. For CGT events on or after 1 July 2027 the discount percentage for those owners on ordinary assets becomes 0%, and cost-base indexation may apply instead, subject to conditions. Complying superannuation entities keep their 33⅓% discount, and a company never had the discount. We confirm what applies in your circumstances and document the holding period and the CGT event date rather than assuming a discount is available.

Yes, but on a future timetable. The Treasury Laws Amendment (Tax Reform No. 1) Act 2026 (No. 49 of 2026) received Royal Assent on 26 June 2026 and is law. Schedule 1 commenced on 1 July 2026, but its substantive changes apply to CGT events happening on or after 1 July 2027 — commencement and application are different things. For CGT events before 1 July 2027 nothing changes: the 50% discount continues for eligible resident individuals and non-superannuation trusts. For CGT events on or after that date, the discount percentage for those owners on ordinary assets becomes 0% and cost-base indexation may apply instead, subject to conditions including a twelve-month holding rule and residency requirements; complying superannuation entities keep their 33⅓% discount and a company's position is unchanged. The carve-outs, the indexation mechanics and what is still unsettled are covered in detail in our technical resource on the CGT discount changes from 1 July 2027. This is general information only, and the position for any asset depends on the facts.

In general, a main-residence exemption may apply to the home you live in, but it is not automatic and it depends on the facts. How the property has been used over time matters — for example whether it was ever rented out, used to produce income, or held on more than the area the rules allow — and partial exemptions can arise where the property was your home for only part of the period of ownership. Whether the exemption applies in full, in part, or not at all depends on your circumstances and the relevant rules, so we review the property history before reaching a position.

As a general rule, a capital loss can be offset against capital gains made in the same year, and any unused capital loss can generally be carried forward to offset capital gains in future years. Importantly, capital losses can generally only be applied against capital gains — not against your other income such as salary or business profit. Whether a loss is available, and how it interacts with gains and the discount, depends on your circumstances and the relevant rules, so we record the loss position each year rather than treating carry-forward as automatic.

As a general rule, for many asset disposals the CGT event happens on the date of the contract rather than the later settlement date. This matters because it can determine which financial year the capital gain falls into — a contract signed in June with settlement in July generally falls in the earlier year. The relevant date depends on the type of CGT event and the facts, so we confirm it from the contract rather than assuming settlement is the trigger.

Generally no. The 50% CGT discount is broadly available to individuals and trusts for assets held at least 12 months, subject to the rules, but companies generally do not receive it — and a company's position on this point is unchanged by the Treasury Laws Amendment (Tax Reform No. 1) Act 2026, because a company never had the discount. What does change is the position for resident individuals and non-superannuation trusts: for CGT events happening on or after 1 July 2027 their discount percentage on ordinary assets becomes 0%, with cost-base indexation available instead subject to conditions. So the entity that owns an asset can affect the after-tax result on a sale, and the date of the CGT event now matters as well. Whether any discount applies in your case depends on the owner, the holding period, the CGT event date and the relevant rules, so we confirm the position rather than assuming it.

Fees depend on the asset and the complexity — a single share parcel with clean records is different from a property held for many years with improvements, periods of rental use and a main-residence question, or a business sale involving small business CGT concessions. We quote a fixed fee in writing, scoped to your situation, after a short scoping call. There is no standard dollar figure, because the work depends on the records, the timing, the cost base, the ownership and the relevant rules.