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A capital gains tax (CGT) was introduced in Australia on 20 September 1985, one of a number of tax reforms by the Hawke/Keating government. The CGT applied only to assets acquired on or after that date, with gains (or losses) on assets owned on that date, called pre-CGT assets, not being subject to the CGT.
Net capital losses in a tax year may be carried forward and offset against future capital gains. However, capital losses cannot be offset against income. Personal use assets and collectables are treated as separate categories and losses on those are quarantined so they can only be applied against gains in the same category, not other gains.
The net taxable capital gains (which can be calculated as 50% of total capital gains minus 50% of total capital losses) are subject to income tax at normal corporate tax rates. If more than 50% of a small business's income is derived from specified investment business activities (which include income from capital gains) they are not permitted ...
Capital loss is the difference between a lower selling price and a higher purchase price or cost price of an eligible Capital asset, which typically represents a financial loss for the seller. [ 1 ] [ 2 ] This is distinct from losses from selling goods below cost, which is typically considered loss in business income.
The date and time in Australia are most commonly recorded using the day–month–year format (29 January 2025) and the 12-hour clock (1:31 am), although 24-hour time is used in some cases. For example, some public transport operators such as V/Line [1] and Transport NSW [2] use 24-hour time, although others use 12-hour time instead.
This page was last edited on 30 December 2020, at 09:38 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
A company would report and pay tax at the company tax rate in the normal manner. The company would keep track of the company tax it has paid in a franking account.If and when the company distributes money to shareholders in the form of dividends, it would indicate to shareholders the amount of franking credits it has applied to the dividend, and deduct the amount from its franking account.
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