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Capital gains tax fundamentals
Unit details
Level: Professional
Estimated learning duration: 10 hours
CPD: 10 hours
Assessment: Part 1: 20 multiple choice questions within 60 minutes. 75% pass mark.
2 attempts permitted.
Part 2: 6 scenario-based multiple choice questions within 45 minutes. 80% pass mark.
2 attempts permitted.
Assumed knowledge: An understanding of the taxation of income in Australia and the depreciation rules in Divisions 40 and 43 ITAA97 would be beneficial before undertaking this unit.
These topics are covered in the Taxation of income, Income tax deductions, and Trading stock and capital expenditures units, respectively.
Learning outcomes:
- Calculate the net capital gain that arises on the happening of a CGT event for a range of taxpayers in non-complex scenarios.
- Calculating net capital gains and losses.
- CGT assets.
- CGT events.
- Capital proceeds.
- Cost base and reduced cost base.