Chris12345,Capital gains are taxed at individual tax rates, not...

Chris12345,
Capital gains are taxed at individual tax rates, not at a set 22% or 36% rate. For example if you only have a $6000 capital gain and no other income then you will not pay any tax. This is because a taxable income up to $6000 is taxed at 0%. That is why MisterS could not belive that an accountant gave you that info. If your accountant did give you that info, then get a new one ASAP!!

Wisdom,
Not sure of all your deatils from your earlier post but you dont have to sell the shares held longest first. The ATO will take into account your intention when selling a parcel of shares. If you held 100000 shares which were purchased 5 years ago and then purchased 20000 today, you are able to sell 20000 tomorrow and apply the proceeds against the cost of the shars purchased today. Obviously you wont get the discount though.

Johhnydeb,
Not sure if you are saying that everyone needs to elect the First In First Out (FIFO) or Last In Last Out (LIFO) methods. This is not quite correct. Non professional traders, ie able to claim the CGT discount, do not have to make any election and stick to it. You are able to pick which parcel of shares to use as the cost base when selling. This allows you to reduce the tax initailly but you will more than likely have to realise the larger gain in the future. Therefore the decison comes down to how high your income is in the year in which you sold the shares. If its lower than usual, then realise the higher gain. If it is higher, then realise the lower gain.

I cant be bothered now but I am sure this info is up on the ATO website. Might post it tomorrow.