How Capital Gains Tax is Calculated in Australia

Подписаться 5 тыс.

Просмотров 5 тыс.

50% 1

Welcome to the beginner's guide to calculating Capital Gains Tax (CGT) in Australia. In this video, we will demystify the complexities of CGT and provide you with valuable tips to optimize your tax planning. Whether you're a new investor or a seasoned professional, understanding CGT is crucial for making informed financial decisions.
💰 Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/
(BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to an advanced plan and I may get a small my commission at no extra cost to you, so we both win!)
💰 Do you need an Excel Template that automatically tracks your expenses in Excel and lets you customise categories to meet your own needs with no ongoing fees each month?
Well I have created online tutorials how to do this here: • How to track expenses ...
OTHER VIDEOS BY ME
🔗 Capital Gains Tax on Shares and ETFs for Beginners | Australia 2023 Tax Return • Capital Gains Tax (CGT...
🔗 How to Use Sharesight: The Ultimate Portfolio Tracker • How to Use Sharesight:...
🔗 ETF Capital Gains in MyGov: How to Add Them Without Pre-Fill | 2023 Australian Tax Return • ETF Capital Gains in M...
🔗 CAPITAL GAINS TAX on SHARES with lost DRP Cost base in your 2023 Tax Return 🤑 • Capital Gains Tax (CGT...
🔗 Marginal Tax Rate | Australian Tax System For Beginners💰 • Why My Employer Taxed ...
🔗 How to setup the Barefoot investor buckets | 2 year review with tips : • How to setup the Baref...
🔗 EASIEST Car Deduction for Aussie 2022 Tax Returns 💰😄 • EASIEST Car Tax Deduct...
🔗 SUPERANNUATION standard choice form | EXPLAINED • SUPERANNUATION standar...
🔗 Tax File Number (TFN) Declaration Form Explained 💰 | AUSTRALIA • Tax File Number (TFN) ...
ATO LINKS
🔗 Capital gains tax www.ato.gov.au/Individuals/Ca...
🔎 Key Topics Covered in This Video:
1️⃣ What is Capital Gains Tax? Learn the fundamental concepts and definitions to grasp the basics.
2️⃣ Assets Subject to CGT: Discover which assets fall under the CGT regime and what exemptions may apply.
3️⃣ CGT Calculation Methods: Gain insights into different methods used to calculate your capital gains, including the discount method and indexation.
4️⃣ Factors Affecting CGT: Explore the various factors that influence your tax liability, such as holding periods and capital losses.
5️⃣ Strategies to Minimize CGT
6️⃣ CGT Concessions & Exemptions: Understand the potential tax benefits and concessions available for specific circumstances, such as small business owners and main residences.
7️⃣ Reporting CGT: Get a step-by-step breakdown of how to accurately report your CGT on your tax return.
🔔 Stay tuned until the end of the video for a bonus segment on the latest updates and changes in CGT legislation that may impact your tax planning strategies.
💡 Whether you're an investor, property owner, or small business operator, mastering CGT can potentially save you thousands of dollars. Subscribe to our channel and hit the notification bell to never miss an update, as we regularly publish informative videos on taxation, investment, and financial planning in Australia.
🌐 Share this video with fellow taxpayers and entrepreneurs who can benefit from this essential knowledge. Leave your questions and comments below, and our team of experts will be delighted to assist you. Let's dive into the world of Capital Gains Tax together!
I will guide you through real-life examples and practical scenarios, ensuring you gain a solid understanding of CGT calculations. We'll address common FAQs and provide you with the confidence to handle your CGT obligations efficiently and effectively.
DISCLAIMER
This video is intended for general information and entertainment only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances. Money with Dan is not liable for any loss caused, whether due to negligence or otherwise arising from the use of. or reliance on, the information provided directly or indirectly, by use of this video.
SUBSCRIBE NOW!!!
#CapitalGainsTaxAustralia #CGTCalculation #TaxTips #TaxPlanning #Finance101

Хобби

Опубликовано:

9 июн 2023

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 19

@southcoastdreams75 Год назад

Nice Video! Thanks 😊

@MoneywithDan Год назад

Thanks so much!

@richardniven Год назад

Hi Dan, thanks for recommending Sharesight it has been the best purchase this year for me and has actually made the EOFY an enjoyable experience instead of a stressful, disorganised time. For example I can easily see in the capital gains report that I was due to pay capital gains as I sold more profitable shares this financial year which made me realise that I also needed to sell some shares that I hadn't made money with (that I should really be getting rid of anyway!) to offset the gains.

@MoneywithDan Год назад

Thanks so much Richard fr the Super Thanks 🙏 . I’m so glad to hear Sharesight helped. I use that feature myself for the exact same reason. Best wishes

@Vsprock-ql2nf Год назад

Nice explanation

@MoneywithDan Год назад

Thanks so much 😁

@ianfinlayAustralia 9 дней назад

Dan, Thanks for this informative Video on WOW Shares, Do you have a similar one for managed Funds (mFunds) that have had GCT events on distributions Year1 & 2 and then sold in Year 3 , TIA

@MoneywithDan 9 дней назад

Thanks for watching. Try this one ETF Capital Gains in MyGov: How to Add Them Without Pre-Fill | 2024 Australian Tax Return ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Ze6KY4tcSiU.html Please let me know if this answers your questions and let me know if anything missing. Thanks

@Vsprock-ql2nf Год назад

We wish to see more videos related to tax filing

@MoneywithDan Год назад

Plenty more on my channel page. Let me know any topics that you want me to cover.

@Vsprock-ql2nf Год назад

Sure sir thank you so much

@robsalvv5853 10 месяцев назад

If the DRP was less than 12m ago, doesn’t it need to be dealt with differently for CGT?

@MoneywithDan 10 месяцев назад

Yes that’s right.

@klikitzsmith8416 5 месяцев назад

So is it $3,640 capital proceeds $601.50 $20 buy brokerage $10 sell brokerage $1,005.21 DRP initial purchase $1,636.71 Cost base $2,003.29 capital gain after costs deducted 50% discount = $1,001.65 taxable capital gain 32.5% tax rate because of bracket $325.52 Tax for Albo and $3,314.48 For you?

@MoneywithDan 5 месяцев назад

That sounds about right for cash in hand after tax.

@aadarshatimilsina3648 Год назад

what will happen if i forgot to file cgt in case of loss. when is the deadline?

@MoneywithDan Год назад

Thanks for watching. The ATO does data matching with other agencies and business and if they see a sale not declared they may choose to audit. CGT is due when your tax return is due and if you lodge by yourself it is 21 days after 31 Oct.

@aadarshatimilsina3648 Год назад

@@MoneywithDan Does ATO audit triggers for small amount like 10-20$

@MoneywithDan Год назад

@@aadarshatimilsina3648 the ATO doesn’t know how much your capital gains are so I can’t say they would ignore a small amount. All they could see is a sale that is not reported and that triggers the system to send a message on MyGov asking you to review your return.