Explained: Capital Gains Tax (CGT) in Australia

What is Capital Gains Tax (CGT) in Australia?

In this video, Owen explains what CGT means in Australian tax, when you will pay capital gains tax, whether you will pay capital gains tax on the family home and car, and provides an example of how to calculate your own capital gains tax.

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DISCLAIMER: This video contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

[livingthedream]

Nice explanation.
I see you mentioned Bitcoin.
So if I bought BTC at $10, 000 and held onto it for 5 years and sold it for $410, 000.
I would take of my purchase price of $10, 000, be left with a profit of $400, 000.
Less 50% discount for being a long term investor.=$ 200, 000 I would keep that $200, 000
tax free. The other $200, 000 I would need to pay tax on using the ATO tax guide.
Been trying to get my head around this scenario for awhile, it’s a bit confusing.
Hope you can tell me if I have it right or wrong.
Just using the BTC sale as a reference, no other income or deductions for that year.
Cheers.

[jamesking]

Do you pay capital gains on gold and silver if you hold more than one year in Australia?