Capital gains tax information for businesses owners

When it comes to capital gains tax information, you need an expert accountant with a strong knowledge base to guide you.

An experienced taxation agent can save you money and time when it comes to understanding CGT. And surely that’s what every business owner wants – to devote more time to growing their business and to pay less tax.

At CD&G Accountants, we help clients big and small plan well in advance for CGT and work hard to minimise its impact on their business.

While taxation is a complex beast, there are many exemptions to CGT that could save your business tens of thousands of dollars or more.

So what actually is CGT? When you sell a business asset or investment, you either make a capital gain or loss – calculated by the difference between how much you bought the asset for originally and its disposal price.

You must include these figures in your income tax return and pay tax on any gains you have made. Despite its name, CGT is actually part of your income tax and any gains can have a serious impact on what you owe the ATO.

Because  no-one wants to end up with an unexpected whack of money to pay in CGT when tax time arrives, it pays to have a strategy in place well before any payments are due.

At CD&G Accountants, our team can not only help you plan ahead to mitigate any disasters come tax time, we can ensure you take advantage of CGT exemptions through our capital gains tax information, advice and professional tax services.

CGT exemptions include ones focusing on retirement, 15-year ownership of an asset and 50 per cent active asset reduction when a business or person disposes of a particular asset.

To properly understand what exemptions your business may be eligible for, it’s important to consult with an experienced capital gains tax accountant for correct information in this taxation field.

For expert advice, please contact CD&G Accountants today.