Selling Pre-CGT Assets: Why We Still Need to Report Them (May 25 Tax Update)

Relevant For:

People selling pre-CGT assets.

Key Points:

• Pre-CGT assets (acquired before 20/09/1985) are typically exempt from CGT when sold.
• Despite the CGT exemption, the disposal still needs to be reported.
• Reporting prevents unnecessary ATO scrutiny.

Full Article:

When you sell an asset acquired before 20 September 1985 (known as a pre-CGT asset), it is generally exempt from capital gains tax (CGT). While no tax is due on these sales, it’s important your accountant still reports the disposal in your tax return.

Why Should Your Accountant Report Exempt Sales?