CGT Assets and Exemptions

If you buy any assets before 20 September 1985, Tax payer don’t need to pay CGT on assets. However, If you buy or sell any property or dispose the assets, CGT will applies to:

  • real estate or property
  • shares, units and similar investments
  • Cryptocurrency or other digital currency
  • leases, goodwill, licences, foreign currency, contractual rights, and major capital improvements made to land or pre-CGT assets
  • collectables and personal use assets above a certain value 

Some assets are exempt from CGT, such as:

  • your main residence with some exemptions
  • a car or motorcycle
  • depreciating assets  which used solely for taxable purposes like business equipment or fitting in rental property
  • any asset if you buy or sell  before 20 September 1985.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

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