Capital Gains Tax Advice
For over 30 years, local residents and businesses seeking expert accounting and taxation services in Sydney have turned to Gotsis Accounting. Among the most commonly requested services is the provision of capital gains tax (CGT) advice. We offer qualified guidance on a range of tax strategies for property investors, shareholders and those with managed funds. Come and speak to a member of our team if you need advice on:
We´ll help you explore the tax implications and provide you with qualified capital gains tax advice before you buy or sell a property – for example, how long you should hold onto a property before you sell, whether you should consider a rollover, and which property you should use as your main residence.
Residential Property Purchases
We can provide capital gains tax advice tailored to suit your rental property purchase, including guidance on negative gearing. We can also help you make decisions about how to manage the divergent tax statuses of your main residence and investment properties. For example, there are different tax outcomes for the following scenarios: you decide to rent out your main residence after living in it for a while, or you buy a property and rent it out but then decide to move into it yourself at a later date. We can walk you through the tax implications of each option and provide you with advice on which scenario has the most beneficial outcome for you.
Sale of Business – Goodwill:
As part of our capital gains tax advice, we can help you reduce or abolish any CGT on the sale of your business. For example, goodwill – which refers to the benefit and advantage of the good name, reputation and connection of a business – can be considered a legitimate expense in its purchase. As such, part of the value of goodwill can, under certain circumstances, be exempt from CGT.
Small Business Concessions
Small businesses can potentially receive a number of different CGT concessions. We can provide capital gains tax advice about how concessions can be applied in your particular situation to minimise the CGT and even reduce it to zero.
“Roll-over” refers to the deferral or disregard of CGT in certain circumstances until this tax is invoked again further down the track. These circumstances include events such as the sale of a business, the sale of commercial property, marriage breakdown, loss or destruction of your asset, or a demerger that affects the value of your shares. We´ll show you how provisions can be taken advantage of to reduce CGT, postpone it until retirement, and then eliminate it at that point.
If you require further details about our services, or need qualified capital gains tax advice, call the team of friendly and experienced accountants at Gotsis Accounting on (02) 9713 1199.