As discussed in AU2.3.1, there is no separate capital gains tax in Australia. Rather, the total capital gain is included in the calculation of a net capital gain (which takes account of any applicable CGT discounts and/or capital losses), and the net capital gain is added to a taxpayer's assessable income and taxed according to a taxpayer's marginal tax rates.
The net capital gains is calculated using the following five steps:
Step 1: offset current year capital losses
The first step in calculating the net capital gain is to
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