If you sell things like shares, real estate, works of art, or other assets that you acquired after 19 September 1985, you may be liable to pay capital gains tax. Here’s what you may have to pay as part of your Australian taxes:
Assets held less than 12 months: 100 per cent of gain assessable
Assets held more than 12 months: 50 per cent of gain assessable
Main residence and car: Exempt from capital gains tax
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Source:http://www.dummies.com/how-to/content/capital-gains-tax-in-australia.html
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