If you're thinking about selling or have already sold a property you can use the 'Sell Property' feature located on the Property tab to auto calculate CGT.

There is a lot of confusion when it comes to capital gains tax (CGT), how it's calculated, the available concession and how it impacts tax.

The first thing to note is that CGT is not a separate tax, it's just calculated separately with any capital losses and concessions applied before the net capital gain is added to your taxable income. It's also important to know how any property sales will impact your tax before you sell to avoid any nasty surprises.

In TaxTank we've made this simple. Simply select the 'Sell Property' button to open a popup that works though CGT in three (3) simple steps (Cost Base, Cost of Sale & Concessions).

Watch the video below to see how it works!