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Capital gains tax, page-43

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Tarvold

18,282 Posts.

1198

12/04/20

13:00

Post #: 44006801
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Originally posted by roaminoz: ↑

Most people do not understand the 50% CGT deduction. I see to many times on the forum peoples scenarios and just shake the head.

The only way the 50% is 50% is when you have all profits and no losses. But majority think you hold 12months&1day+ that gain is automatically reduced in half which isn't always the case. They will quickly learn that it isn't when the ATO come asking for their figures.

It is best just for them to make their own mistakes or else seek professional help who do have an understanding of the ATO rule(s).

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If you complete your own tax return through the Mygov website it doesn't allow you to take the 50% on any amounts reduced by losses.
The old downloaded programme (can't remember it's name) didn't have this feature.
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