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May 20, 2019

Tax Planning 101 for Individuals – defer capital gains tax and realise capital losses

Cashflow, Small Business, Tax Deductions, Women in Business

If you are selling a capital gains tax (CGT) asset and expect to make a capital gain, to defer the CGT ensure that the contract of sale is dated after 30 June 2019.  CGT discount is only available if the asset has been held for more than 12 months.

If you have a capital gain in the 2019 financial year, you may choose to sell any underperforming assets or investments prior to 30 June 2019.  Realised capital losses may be used to offset any capital gains.  Capital losses can be carried forward indefinitely to future years to offset future capital gains.

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