Capital Gains Tax (CGT) is an important tax liability added to your taxable income for the financial year. It is not a separate tax. Read more to understand what it is and how the Australian Taxation Office (ATO) enforces it.
Key Points
- Capital gains tax (CGT) is to be paid on the profit made by selling assets like property, shares, cryptocurrency.
- Profit made on selling your principal place of residence is generally exempt from CGT.
- In case of non-payment of CGT, the ATO can apply hefty penalties.
CGT is the tax levied on the profits generated from selling assets. If you have a capital gain (profit) when you sell an asset, it will increase the tax you must pay.
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