03 Jul 14 Calculating CGT discounts
Calculating a capital gains tax (CGT) discount is now easier with the ATO’s new online CGT discount calculator.
Last year changes were made to the application of the CGT general discount, previously known as the CGT 50% discount.
For CGT events after 8 May 2012, foreign or temporary residents and Australian residents with a period of foreign residency may not receive the full CGT discount on capital gains, or may not be eligible for a discount. For CGT events on or before 8 May 2012, the 50% discount still applies.
To help both residents and non-residents determine how these changes impact them, an online CGT discount calculator has been developed to work out whether they are eligible for a discount, as well as how much discount they can apply to their capital gain.
For further information, and to access the CGT discount calculator go here.