Simply put, Capital Gains Tax is tax payable on capital gain. It is not a separate tax but processed as part of Income tax. A capital gain or loss commonly occurs when you sell an asset that was originally purchased by you after 20 September 1985 unless it is specifically exempted.
CGT is a complex area and lot of factors would impact the CGT calculations.
Few of these factors could be;

• Most personal assets including your residence, car and most personal use assets like furniture etc. are exempt from CGT.
• CGT doesn’t apply to depreciating assets used solely for taxable purpose such as business equipment or fittings in a rental property.
• For Australian resident, CGT is applicable to all their assets anywhere in the world. For foreign residents Capital Gain or loss occurs only on their ‘taxable Australian property’
• Individuals, partners in a partnership and trusts get a 50% discount for assets held for 12 months or more.
• Small businesses get a number of CGT concessions like Small business 15 year exemption, Small business 50% active asset reduction, Small business retirement exemption and Small business rollover.

At AVS, we can advise you to ensure that you can access all the CGT concessions that you are entitled to.