Capital Gains Tax Services Melbourne

Get the facts on asset sales tax

Here in Australia, you can’t sell off a big asset like your business without being taxed, but it can be a little less frustrating if you know what you’re up for from the start. Capital Gains Tax is the tax you pay when you make a financial gain on selling an asset (your home is exempt from this). While it might sound simple, it can become very complex which is why CGT accounting is incredibly valuable. As a leading CGT accountant, Melbourne, PCR Accounting & Advisory can help. 
—— Simplifying Capital Gains Tax

Your CGT payment will vary, depending on:

  • How long you have held the asset
  • Whether or not you made improvements
  • If depreciation is claimed
  • If it is a small business

Here at PCR Accounting & Advisory capital gains tax services are industry-leading. With our dedicated CGT services you can get the CGT help you need to know what you have to pay and when. 

If you expect you have made a significant capital gain in a financial year it is important to get advice from our CGT accountants, Melbourne to discuss how to manage it so that you don’t end up with any unnecessary taxes. Need help with business tax? Take a look at our business tax planning services.

CGT Accounting Tips

Capital gains tax only applies to the sale of specific assets such as a business or investment properties, whereas your principal home, personal car or assets acquired before the 20th of September 1985, are exempt.
  • Fortunately, if it is a small business you have sold, there is a whole range of CGT concessions possibly available to you and options such as buying another asset to defer your capital gains or putting some into super to avoid paying capital gains tax.
Capital gains tax is paid each year and, contrary to what it might imply, isn’t actually a separate tax. It forms part of your assessable income and is payable as part of your income tax each year.
  • However, if you make a capital loss you won’t have to pay capital gains tax, but it is important to note that it is unable to offset tax on any other income, and is instead ‘carried forward’ to offset capital gains in future income years.
    CGT applies when you sell an asset, but can also happen if the asset is given away, destroyed or lost, or you are no longer an Australian resident. Our CGT accountants can make sure you’re paying it properly and help avoid any unwelcome surprises. 

Calculating your capital gains tax is complex, but there may be discounts and options like indexation which may be applicable, so it’s important to have a CGT accounting professional walk you through it and explore every avenue so you don’t waste money on tax unnecessarily or miscalculate your expected tax.

Not all capital gains are tangible, which is where this can get confusing. There can be a lot of intricate details in an event where you are only selling a part of the business, buying out a partner, altering your business structure and receiving compensation for lost or destroyed assets.

Capital gains tax tips from the best CGT accountants Melbourne

Here at PCR, we’re specialists in CGT accounting. Thanks to our capital gains tax services, we’re able to calculate your capital gains tax quickly to alleviate stress and avoid any unwelcome CGT surprises. 
To calculate CGT, you need to be sure your records are organised and up to date. This includes: 
Sale contract/s
Receipts of initial and ongoing expenses
Loan and borrowing records
Interest payment records
Valuations

Why choose PCR for your capital gains tax services?

 We are an honest, no nonsense advisory and coaching team who tell it like it is.

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We are an honest, no nonsense advisory and coaching team who tell it like it is.

 We help you assess your finances and navigate the sales process of your assets.

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We help you assess your finances and navigate the sales process of your assets.

 We show you how you can predict your CGT, pay it right and get the most out of your profits.

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We show you how you can predict your CGT, pay it right and get the most out of your profits.
The best way to approach your capital gains tax is with a professional CGT accountant. Need CGT help? Get it sorted today with PCR’s team of CGT accountants, Melbourne so you can feel confident that your capital gains tax is calculated and paid correctly.
Stop tearing your hair out year on year wondering how to work out tax yourself, simply get in touch with PCR Accounting & Advisory today and ask us how our CGT accounting services can take your business to the next level.

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    PHONE:

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