# Tax education help



## djdos83 (2 April 2010)

i was wondering if anyone could recommend a book on australian tax laws specifically capital gains tax and how to minimise it...


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## WaveSurfer (2 April 2010)

http://ato.gov.au/ has all the info you need to learn about it.

Minimising it is another story. Find a good accountant or be prepared to pay big $$$ to learn how to minimise it effectively and legally. I'd be very sceptical about any cheapo books.

Ask your accountant if he/she knows how Kerry Packer legally minimised his tax. If they answer no, find another until they do.


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## theasxgorilla (3 April 2010)

djdos83 said:


> i was wondering if anyone could recommend a book on australian tax laws specifically capital gains tax and how to minimise it...




Become a non-resident for tax purposes and you will pay none.  Then become a resident or set up your trading entity somewhere that doesn't tax you on gains earned abroad.  Problem solved


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## djdos83 (7 April 2010)

some interesting concepts especially mr gorilla ,so you are suggesting giving up my australian residency and moving to an overseas tax haven? dont business' get taxed differently? if i got an ABN and traded through my business instead of as an individual? anyway i have a big learning curve to climb lots of research to be done,  thanks for the help


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## crazy-panda-eyes (7 April 2010)

Income Tax Assessment Act 1997
Link:austlii.edu.au/au/legis/cth/consol_act/itaa1997240/
Div 104 and CGT Legislation may interest you then.

Also on a note of ceasing to be a resident- you'll kinda prompt CGT Event I1 

Non-residents still pay CGT in regards to 'taxable Australian property" so thats your investments and non-portfolio shares. 

As for reading materials I don't know anything specific for CGT, but for an overall feel to tax itself, institutes such as the CA seem to really like their Australian Taxation law book. I heard the Master tax guide isn't too bad either. 

On minimizing CGT: Limited knowledge but if you hold your property/shares for more than 12 months you get the 50 percent discount. I dont think Businesses or companies are applicable for the same discount.

Overall concur with Wavesurfer. Find smart tax accountant. Dish out money.

: )


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## haraldc (6 May 2010)

Apart from the ATO site which is very mmmm ... technical  are there any more resources/pinters available ?

In particular I am interested:

-- What are the implications of stock *trader* vs *holder*

-- Is the CGT discount applicable to traders (if they hold a security for > 1 year) ?

-- If you have short term CG, long term CG (discount applicable) and capital loss -- in what order you add them up and apply the discount ? What about costs (trading fees, etc) ?

Thanks


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## titl4 (6 May 2010)

haraldc said:


> Apart from the ATO site which is very mmmm ... technical  are there any more resources/pinters available ?..........
> Thanks




Certainly not a textbook but 'Shares, Derivatives and Taxation - a guide for investors, traders and speculators' by Tony Compton is a good place to start IMO.


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