Eternity Group

Accounting & tax — CGT

Capital Gains Tax Accountant

Capital gains tax for Australian investors and business owners — calculating gains and losses on property, shares and other assets, the cost base, the CGT discount, main-residence and other exemptions, and record-keeping, prepared by a Chartered Accountant and registered tax agent. General information only.

Book a CGT ReviewSee Our Process
  • Property CGT
  • Share CGT
  • Cost base
  • CGT discount
  • Main residence
  • Capital losses

Eternity Group Accountants is a registered tax agent (TPB 25523469). Information on this page is general in nature and does not constitute personal tax advice. Before acting, consider whether the information is appropriate to your circumstances and seek advice from a qualified tax professional.

Scope of work

What's covered in a CGT calculation.

A documented, defensible capital gains position — the gain or loss worked out, the cost base supported by records, the discount and any exemptions considered, and the result reported in the return. General information only, with the position depending on your circumstances.

Calculating the gain or loss

Proceeds less cost base

As a general matter, the starting point is the capital proceeds on disposal less the cost base of the asset. We work out whether the transaction produces a gross gain or a capital loss, and reconcile the figures back to the contracts and settlement statements. The outcome depends on the records and timing, so we document the calculation rather than applying a default figure.

Cost base elements & the records needed

Acquisition · incidental · ownership costs

The cost base is more than the purchase price. Depending on the rules, it can include certain incidental costs of acquiring and disposing of the asset and some ownership costs. We identify which elements apply in your case and confirm the supporting records, because an under-documented cost base generally weakens the position if it is ever reviewed.

The CGT discount & holding period

Ownership · timing — general

Where an eligible asset has been held for the required period, a CGT discount may reduce the taxable portion of the gain. Whether it applies, and at what level, depends on how long the asset was owned, the type of owner and the relevant rules. We confirm the holding period and document the position rather than assuming the discount is available.

Exemptions & concessions awareness

Main residence · others — general

Some assets and circumstances attract an exemption or concession — the main-residence exemption is the most common, and others can apply depending on the facts. We flag where an exemption or concession may be relevant and assess it against the rules, but whether it applies in full, in part or not at all always depends on your circumstances.

Suited to

Who we prepare CGT for.

Investors selling property

Owners disposing of an investment property, a holiday home or a former home that was rented for part of the period. We build the cost base from the purchase, capital improvements and selling costs, and consider any main-residence and other questions that arise on the facts.

Rental property tax

Share & managed-fund investors

Investors disposing of listed shares, exchange-traded funds or managed-fund units, often across multiple parcels bought at different times. We track each parcel, work out the gain or loss on disposal, and consider the holding period for any discount that applies.

Business owners on a sale or restructure

Owners selling a business, business assets or shares, or restructuring an entity. Small business CGT concessions may be relevant where the conditions are met — this is general in nature and depends entirely on the facts, so we assess eligibility rather than assuming it.

Inherited & deceased-estate assets

Beneficiaries and executors dealing with assets passing through an estate, where special cost base and timing rules can apply. The treatment depends on the asset, the dates and the relevant rules, so we review the history before reaching a position. General in nature.

Process

From records to the reported gain — one clear sequence.

A document-driven engagement where you always know what is next, what the fixed fee covers and how the position is supported. CGT rarely sits on its own, so we coordinate it with the rest of your accounting work — see all our accounting services on the main Accounting page.

Gather the records

We collect the acquisition and disposal records — contracts, settlement statements, improvement costs and the dates that drive the holding period — so the cost base and proceeds are supported by documents before any calculation begins.

Calculate & apply the rules

We work out the cost base and the gain or loss, then consider the CGT discount and any exemptions that apply in your circumstances. This is general in nature and depends on the facts, so we document the reasoning rather than applying a fixed template.

Report & retain

The result is reported in the relevant tax return and the supporting records are organised and retained, so the position is defensible and the carry-forward of any capital loss is captured for future years.

Frequently asked questions

Capital gains tax — common questions.

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.

Related

Where this fits in the bigger picture

A capital gains calculation rarely sits in isolation. The asset that produced the gain, the return it is reported in, the entity that holds it and forward tax planning all connect — and the right treatment depends on your circumstances.