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Calculating Capital Gains and Losses
There are three methods that are used to calculate a capital gain:
- The indexation method;
- The discount method; and
- The ‘other’ method.
There is only one way to calculate a capital loss.
|Situation||Method of Calculating Capital Gain|
Property acquired before 11.46am on 21 September 1999 and disposed of before 11.46am on 21 September 1999:
Use indexation of the cost base method. Averaging of capital gain allowed.
|Property acquired before 11.46am on 21 September 1999 and disposed of after 11.45am on 21 September 1999:
||Taxpayer may either:
You can reduce the nominal gain by one-half for individuals and trusts, and one-third for complying superannuation entities.
||For property that are owned for less than 12 months, neither the indexation option nor the capital gains tax discount option is available.
For individuals, averaging of capital gain is allowed but only for property purchased and disposed of before 11.46am on 21 September 1999.
||If the taxpayer is not an individual or complying superannuation entity, the indexation option is available for property acquired before 11.46am on 21 September 1999. No averaging of capital gain available.
Capital gains tax discount is not available.
Our dedicated team can assist you with queries relating to any capital gains or losses, as well as other legal and accounting matters. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) +61 2 9223 9166 to arrange an appointment.
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The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.