From justicefamilylawyers.com.au: Capital Gains Tax in Australia applies to the profits from selling or disposing of assets like property, with tax obligations arising when an asset is sold for more than its purchase price.

Individuals must keep accurate records and be aware of CGT liabilities, especially during property transfers, gifts, or inheritances, as failing to declare gains can lead to severe consequences.

Understanding CGT is essential for effective financial planning, particularly in family law matters where property settlements may be impacted by potential tax liabilities.