Taxation

Calculating Capital Gains Tax or GTC can be quite complex depending upon the type of asset acquired, when it was purchased and how it was disposed of. What is CGT? CGT is a form of taxation levied by the Australian government on CGT events. A CGT event arises whenever a transaction occurs. This is most…

The Australian tax system is generally designed to generate money for the Commonwealth government. It is collected by the Australian Taxation Office (ATO) and is used by the government to help cover its expenditure. For individuals, the types of income that are taxed include not only a person’s salary or wages, but also financial gains made…

The term ‘tax deduction’ in Australia refers to the amount of money claimable by a taxpayer to offset the amount of tax owed by the taxpayer. Most deductions will relate to employment or business activity, although allowances are also made for payments or donations made to, for example, charitable organisations. For those which relate to…