24: CGT Basics: Navigating the Fundamentals of Capital Gains Tax

Capital gains tax can be a daunting and complex topic for many individuals and business owners. With its intricate rules, numerous exceptions, and potentially significant financial implications, navigating the world of CGT can feel like a minefield.

Sally takes you on a deep dive into the fundamentals of capital gains tax. She breaks down the key concepts, definitions, and calculations involved, ensuring that even those with limited tax knowledge can gain a solid understanding of this critical area.

In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:

What constitutes a CGT asset (00:02)
The assets that are exempt or subject to special rules: cars, collectibles, and more (2:26)
The various events that can trigger a capital gain or loss (07:35)
How to calculate your capital gain or loss, including the cost base and capital proceeds (10:40)
Strategies to reduce your CGT liability, such as applying losses, the CGT discount, and small business concessions (17:50)
Top three tricks and traps to be aware of when dealing with CGT (21:15 - 24:30)

Whether you're a seasoned investor, a small business owner, or simply looking to optimize your tax strategy, this episode is a must-listen. Sally's comprehensive approach and practical insights will empower you to confidently navigate the world of capital gains tax, unlocking opportunities for financial success.