This question has probably been asked before but as as I’m new to this I haven’t come across it yet. I know I will have to pay CGT on one my properties that I am selling- is there a way to minimise the amount I have to pay? Is it possible to reduce the amount of tax by a large donation to a charity organisation?
Hi Eve,
Absolutely,
The Net Capital Gain is added to your other taxable income, so it can also be reduced by any tax deductible expendtiure, ie; donations, courses, etc. Also salary sacrifice into super to reduce your taxable salary is an effective way to reduce CGT.
Hello eve100
I think you might do well to speak to your accountant about this before you sell. There are several ways to reduce your CGT but it all depends on your circumstances so ask a professional.
Cheers [smiling]
Elka
You must be logged in to reply to this topic. If you don't have an account, you can register here.
