Hi all, I bought some managed funds for $10K and sold them 6 months later for $11K. I didn't keep them longer than 12 months so I assumed it would be a $1K capital gain with no entitlement to the 50% CGT discount. However an accountant friend tells me it is 'income' and not a capital gain because I sold it within 12 months. This may be a silly question but can anyone confirm capital gains don't exist within 12 months? I can't get my head around this logic. Thanks.