Capital assets are a form of investment that often yield the best returns – however it may also attract a significant amount of tax.
Regardless of whether assets are employed in trade or used by individuals for their personal purposes, there is a possibility that capital gains tax will apply the moment the asset is disposed of.
This course is the first step in this series, and aims to prepare you for capital gains taxes, by understanding the basic principles thereof.
This session will cover the following:
• The determination of what constitutes:
o An asset
o A disposal (including deemed disposals)
o Base cost
o Proceeds
• How to do a CGT calculation as an individual, trust or company
• How to declare a capital gain or loss on a tax return, and what supporting documents need to be maintained to substantiate base cost
• This course will include a brief overview of the primary residence, personal use assets and other exclusions available in general
All taxpayers (individuals, trusts or companies) with capital assets, as well as the tax or other professionals managing their tax affairs.
