Exemptions CGT 2020

Some capital gains are exempt that you don’t need to include in your assessable income. Also, if you made losses, you can not use as offsets a capital gain to reduce your assessable income.

Exemptions include capital gains or losses for:

  • Your main residence with some exceptions
  • your car , Car will define as motor vehicle which carry a load of less than one tonne and nine passenger or less to carry
  • Personal use items who have value for less than $10,000
  • Collectables who have value for $500 or less
  • Depriciating assets used for taxable purposes
  • If you buy property before 20 September 1985 which is called ‘Pre-CGT assets’
  • Assets that produce exempt income or some types of non-assessable non-exempt income
  • If you get injured at your workplace and get compensation or damaged received for any occupation
  • Winning or losses from gambling or game
  • You get paid back or any payment of your expenses under following scheme like

Unlawful Termination Assistance Scheme

Alternative Dispute Resolution Assistance Scheme

M4/M5 Cashback Scheme

    • a scheme established by an Australian Government agency, a local government body or foreign government agency under an act or other legislative instrument, In this description expenses does not include loss, destruction or transfer of an asset
  • the transfer of a super interest in one small super fund 
  • Have relation with superannuation agreement
  • A CGT event happened after CGT event
  • Some payments happened with a general insurance policy, life insurance policy or annuity instrument
  • If you have shares in poll development fund
  • Shares of certain profits, gains or losses from disposal of investments by capital entities
  • Some type of gifts like will

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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