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| *Ostroff, Fair and Company>>>Australia Taxes |
What is capital gains tax? |
What is capital gains tax? Tax on profit on the sale of an asset such as timber, land, or other property held for one year or longer. Tax on ANYTHING that you sold for more than you brought it for, not the market value. simply, capital gains tax is tax that is paid on the profit you earn from selling something. There are certain things that are not subject to capital gains (such as cars), and there are some other exceptions and tax breaks though in regards to CG like if you sell some property, you have to pay a capital gain tax. and it wont be cheap. There is no capital gains tax payable in New Zealand |
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