Date of contract and property or shares sold; obliged to pay CGT-receive capital gains for sale of assets-acquired after Sept 20, 1985 i.e. assets acquired before this date-not subject to capital gains tax.
Gains are added to your assessable income
Losses can be used to reduce a capital gain.
Exempt from CGT: principal place of residence and car
OW: Building costs to deduct to arrive at adjusted CG cost on disposal i.e reduce CG cost and increase capital gain for properties acquired after 13/5/1997. Stamp duty on sale of the property can be added to arrive at an adjusted CG cost base. The same applies to 3rd element costs like interest costs and council rates for properties acquired after 21/8/1991-tax rulings. Refer to own spreadsheets for examples.