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Capital gains tax CGT is the tax you pay on profits from selling assets such as property. What is Capital Gains Tax.
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Capital Gains Tax was introduced on 1 October 2001.
. It comes about most often for taxpayers when their home or investment property is sold for a profit gain ie. It forms part of normal income tax and is based on the sliding tax tables for individuals. Of course if you received less than the cost base of assets.
In essence you make a capital gain when the difference between what it cost you to acquire your property or another asset and what you gained from selling it is greater than zero in other words you made a profit. The proceedsselling price is more than the base cost. The base cost is the purchase price plus.
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