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Will I offset capital gain when I sell my property?

On the sale of a property, we will have a capital gain of $50,000 in this financial year. If we sell some shares that will result in a loss, will that offset or reduce the capital gain in this financial year?

In principle, your thinking is spot on and as you look set to benefit from your idea it would be wise to talk to your accountant. Your case is a great reminder to everyone to think about the wider tax options that are out there.

Of course, if you don’t want to read some tax advice books, be smart enough to find a good accountant. Then when you do make sure you ask as many questions as possible so they can better understand your circumstances. Some accountants don’t ask enough questions and therefore can miss opportunities to reduce tax.

Go to www.ato.gov.au website and you will be surprised how many good tax tips are there. The tax office is not totally into taking your money and this website proves it.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

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Published on: Thursday, February 24, 2011

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