Does Australia have a Capital Gains Tax regime?
A. Net capital gains are included in assessable income and are subject to income tax. Any transfer of assets may have capital gains ramifications. The disposal or deemed disposal of any asset brings the capital gains tax provisions into operation. Certain reliefs are, however, available in the form of rollover elections, which operate to defer capital gains tax liability. For capital gains tax purposes, an asset is any form of property, tangible or intangible, although it must be an asset which is considered as “taxable Australian property” if a gain on its disposal is to be subject to capital gains tax in the hands of a non-resident or temporary resident. Capital gains tax was not introduced in Australia until 19 September 1985. Accordingly, it applies only to disposals of assets acquired, or deemed to have been acquired, on or after 20 September 1985. Both resident (including temporary residents) and non-resident individuals are liable for capital gains tax with some exclusions menti
