Are there any CGT discounts and who is eligible?

Yes, there is a capital gains tax (CGT) discount in Australia. The discount applies to individuals, trusts, and complying superannuation funds. It is not available to companies or other types of entities.

To be eligible for the CGT discount, you must have owned the property asset for more than 12 months. The discount is calculated as 50% of the capital gain, effectively reducing the taxable portion of the gain by half.