A Pre CGT asset is an asset that generally will not be subject to Capital Gains Tax (CGT).
According to Section 149 – 10 of Income Tax Assessment Act 1997 (ITAA 1997) a pre CGT Asset is one that was purchased prior to 20 September 1985.
Therefore if you purchased an investment property or shares prior to 20 September 1985 and sold it today the gain that you would make would prima facie not be subject to CGT, i.e., it would be tax free.
If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com
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