Did you know that if you own a rental property or shares that you only need to pay Capital Gains Tax on only half of the gain when the asset is sold? If you own a business, you may only need to pay Capital Gains Tax on only a quarter of the gain!! (Conditions apply, of course.)
Tax Tip: Keep detailed and permanent records in connection with the costs and purchase dates of all assets which attract a capital gain on sale. Without these records, you may pay more tax than you need to.
Capital Gains Tax on Sales of Assets
Did you know that if you own a rental property or shares that you only need to pay Capital Gains Tax on only half of the gain when the asset is sold? If you own a business, you may only need to pay Capital Gains Tax on only a quarter of the gain!! (Conditions apply, of course.)
Tax Tip: Keep detailed and permanent records in connection with the costs and purchase dates of all assets which attract a capital gain on sale. Without these records, you may pay more tax than you need to.