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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2014 CGT Basics A basic overview of the CGT rules
In this chapter of the notes we discuss an overview of the CGT rules. In particular, the following:
- A flow chart of the CGT rules
- What a CGT event is
- The concept of a CGT asset
- Calculating the gross capital gain or loss
- Exemptions and exceptions from the CGT rules
- Roll-over relief
- Calculating a net capital gain or net capital loss or the year