Capital Gains Tax (CGT) is a tax levied on the increase in value of assets when a Capital Gains Tax event occurs.

A CGT event can include the sale of a property, sale of shares, transfer of shares or property to relatives or children, when a person leaves Australia permanently and a range of other scenarios.

There are CGT concessions which you may be eligible for, such as:

• Principal place of residence exemption – capital gains tax will not apply to your main residence when you sell it

• 50% general CGT discount – if you own an asset for over 12 months you will be eligible for a 50% reduction of the capital gain on disposal of that asset

If you are not a tax resident of Australia, you may not be eligible for the above CGT concessions.

Providing fringe benefits to your employees can be a useful way of attracting and rewarding employees.

Employees can choose to salary sacrifice, to receive a benefit instead of receiving a part of their wage. A common example is providing an employee with the use of a car.

We provide the following services and advice in relation to Fringe Benefits Tax:

• Accessing FBT concessions

• Providing advice around ways to reduce your FB liability, such as salary packaging of motor vehicles

• Advice regarding Living Away From Home Allowances

• Preparing calculations on FBT liability and preparing annual Fringe Benefits Tax Return

• Preparation of FBT compliance manuals

GST is an important tax consideration in events such as sale of property, development projects, new business structures, mergers and acquisitions and international transitions.

We can provide assistance in the following areas relating to GST:

• Sale of properties, going concern and margin scheme

• Structuring advice and going concern issues

• GST on imported goods and services including customs charges

• Financial services and input tax credits

• Deferred GST

• GST in health services and medicine retailing

• GST advice for new businesses, acquisitions and sales

• Preparation and lodgement of business activity statements

Planning for income tax is very important due to the complexity of the tax system.

We can help you understand how income tax will affect your business, by:

• Organising your group structure and business activities to be more tax effective

• Budgeting and forecasting for tax planning

• Understanding the tax position of the group

• Providing advice for certain events, such as the sale of a business or acquisition of property or other investments

• Utilising any business tax losses

• Finding opportunities to claim permanent tax deductions, which may not have been considered

• Finding a more favourable tax position for the group as a whole

If you lodge a tax return that results in a payable amount, the Australian Taxation Office will assess that you need to pay your income tax upfront in quarterly installments, called PAYG Income Tax Installments. These installments are based on the tax liability of your most recent lodged tax return.