tomorrows open, page-36

Capital gains is taxed at your marginal tax rate. This is of course excluding the 50% discount if you held it for more than 12 months. Basically when it comes to tax, if it counts as income it gets lumped into your assessable income and then the tax rate applied. There is only a distinction between your ordinary income and capital gain if you make a loss from shares, then you can not use your loss to offset tax from your ordinary income, you would only be able to use the loss to offset future capital gains.

Maybe what your accountant meant by 23.5% was 47% with the 50% discount. I have not held the stock for 12 months, so I do not have that.