<P> Capital gains tax (CGT) in the context of the Australian taxation system applies to the capital gain made on disposal of any asset, except for specific exemptions . The most significant exemption is the family home . Rollover provisions apply to some disposals, one of the most significant is transfers to beneficiaries on death, so that the CGT is not a quasi death duty . </P> <P> CGT operates by having net gains treated as taxable income in the tax year an asset is sold or otherwise disposed of . If an asset is held for at least 1 year then any gain is first discounted by 50% for individual taxpayers, or by 33.3% for superannuation funds . Capital losses can be offset against capital gains, and net capital losses in a tax year may be carried forward indefinitely . Capital losses cannot be offset against normal income . </P> <P> Personal use assets and collectables are treated as separate categories and losses on those are quarantined so they can only be applied against gains in the same category, not other gains . This works to stop taxpayers subsidising hobbies from their investment earnings . </P>

What is the rate of cgt in australia
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