Most of the business taxes such as the income tax; they are collected and managed by the Australian Government via the Australian Tax Office. For example, taxes based on states apply usually for payroll tax. Australia holds numerous tax treaties with different nations in order to avoid any kind of double taxation of foreign entities that are being operated in Australia. We will be talking about the Capital Gains Tax that is a bit different from New Zealand, and to help understand this better, go through the followings…
- Unlike New Zealand where there is no such thing, Capital Gains Tax in Australia is the tax that you pay regarding financial gain that you acquire whenever a capital gains tax takes place. Net Capital Gain is the total capital gains for the year that is less total capital losses and CGT small business concession that one is entitled to.
- Capital Gains Tax isn’t a separate category for tax but includes net capital gains in estimated income for the income year. Whereas, in New Zealand, there are specific capital gains that are taxable only if you invest in a property with a vision of reselling it later.
- Australian residents are accountable for capital gains tax on various assets. Whereas, a New Zealand residential land suppress tax if you an offshore RLWT individual who is buying or selling a property within a year or two.
There are various things that one might not understand but will with the help or guidance of a professional accountant. Those who are seeking help can contact Joe Madrajat as being an expert in this field the guidance will be highly beneficial for you. If you are looking forward to more content, then you know what to do…stay tuned for more.