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Wacky facts

  • Fact 25

    The first computers used by the ATO were used primarily for issuing the five million refund cheques sent out each year in the mid 1960s.

Glossary

Capital gains tax (CGT)

A tax on the profit made when selling or disposing of an asset such as investment properties, shares and collectables. The net capital gain amount, or the discounted capital gain amount in certain circumstances where a discount applies, is added to assessable income and income tax is then calculated on the taxable income. A person’s main residence (their home) is generally exempt and motor vehicles are exempt from CGT.

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