Kat, the way CGT works is as follows:
1) the "gain/profit" over the cost base of the asset is taxable and is assessed at your marginal tax rate (ie the profit is included as assessable income at the relevant tax bracket you fall in.
2) 48% of the "gain/profit" is what you have to include as taxable only, unless
3) you have held the asset for >12months, in which case you receive a 50% concession. (or if you like, consider the amount assessable as income being reduced to 24% of the "gain/proft".
Hope this makes sense?
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