Several measures have been introduced by the government as part of COVID relief measures that could substantially increase or decrease Capital Gains Tax payable in 2022.

If eligible, several strategies can be implemented before 30th June 2022 to reduce tax payable, including:

• Take advantage of the previous year’s unused contribution caps to boost superannuation tax deductions in 2022. This action is urgent as many funds will stop accepting contributions one to two weeks before year-end. 

• Realising capital losses before 30th June 2022 to offset capital gains by writing off losses or selling capital assets with unrealised losses.

• Not distributing income to taxpayers with significant capital gains in 2022.

• Tax planning to defer income to a year without significant capital gains.

In addition to tailoring tax strategies for your capital gain, the experienced team at AP can also calculate tax payable, when it is due and advise you of the information required at tax time to minimise the tax owed.

Want to know if you are eligible to reduce your Capital Gains Tax tax payable? Fill in the form to the right to request a Tax Planning Consultation. One of our specialist Tax Advisors will be in touch to arrange a date and time for your consultation. 

Tax planning strategies can involve complex tax laws. The effectiveness of strategies can vary depending on individual circumstances. We recommend discussing your circumstances with the team at AP before taking action.