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Capital Gains and Tax

The introduction of capital gains tax immediately made negative gearing a significantly less attractive proposition than it had been, although there is one possibility for deferral, but not avoiding.

It’s too simple – don’t sell!

The alternative is to bequeath your holding, usually property or shares, to a dependent and, at least in Queensland, the absence of death duty (thank you Joh) will allow deferral for generations.

There could be generations of frustrated young beneficiaries of their grandparent’s bequests who are obliged to hang on “forever” to the Commonwealth bank shares (with a purchase price of $3.50) left to them by Grandad. Although today’s $70 odd per share might look very inviting if converted to “real money” the thought of giving up approximately $20 (per share) to the tax man, or even more, would be very disconcerting.