❓ What is Capital Gains Tax (CGT) ❓
CGT is the tax on profit made when you sell an asset like an investment property or shares (or even a private business).
💰 Currently, Australians get a 50% discount on that taxable gain if they've held the asset for more than a year.
Tonight's federal budget is expected to replace that flat discount with an inflation-indexation model, meaning you'd only be taxed on the "real" gain above inflation.
According to reports, assets bought after tonight will keep the existing 50% discount until 1 July 2027, with the new inflation-based model kicking in for anything purchased after that date.
This makes it potentially the biggest shake-up to this tax in almost 30 years!
Keen for your comments and thoughts ahead of the budget!!
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