The payment of taxes is compulsory for individuals and corporations. Due to the complexities in understanding some taxes, many taxpayers find it more relieving to hire tax professionals to manage their taxes than doing it themselves.
If you have an asset that you want to sell or lease out, it is essential to know if such an asset falls under capital gain assets. If so, it means you are obliged to pay a tax on the asset. This tax is known as capital gains tax. This article will give an overview of capital gains tax (CGT), which includes assets that are subject to this type of tax as well as how to calculate it.