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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.
The date and time in Australia are most commonly recorded using the day–month–year format (8 February 2025) and the 12-hour clock (1:58 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.
Capital gains tax (CGT) in Australia is part of the income tax system rather than a separate tax. [22] Capital gains tax was introduced by the Hawke Labor government in September 1985 and allowed for indexation of the cost base of the capital asset to the Consumer Price Index , to account for annual price inflation .
The Moneysmart website was officially launched on 15 March 2011, [3] as part of the Australian Government's National Financial Literacy Strategy 2008–2010. [4] In July 2008, the Australian Government transferred the functions of the Financial Literacy Foundation to ASIC, including managing and maintaining the Understanding Money [5] website.
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.
Australia uses three main time zones: Australian Eastern Standard Time (AEST; UTC+10:00), Australian Central Standard Time (ACST; UTC+09:30) and Australian Western Standard Time (AWST; UTC+08:00). [1] Time is regulated by the individual state governments, [2] some of which observe daylight saving time (DST).
The little-endian format (day, month, year; 1 June 2022) is the most popular format worldwide, followed by the big-endian format (year, month, day; 2006 June 1). Dates may be written partly in Roman numerals (i.e. the month) [citation needed] or written out partly or completely in words in the local language.
Time value of money problems involve the net value of cash flows at different points in time. In a typical case, the variables might be: a balance (the real or nominal value of a debt or a financial asset in terms of monetary units), a periodic rate of interest, the number of periods, and a series of cash flows. (In the case of a debt, cas