Trust tax return instructions 2010

Capital gains tax (CGT) schedule

You do not need to complete a Capital gains tax (CGT) schedule 2010 (CGT schedule) if the trust was a subsidiary member of a consolidated group at the end of the income year and has completed Z2 item 2.

In other cases, complete a CGT schedule and attach it to the trust's tax return if:

• a CGT event occurs in relation to a forestry managed investment scheme (FMIS) interest that is held other than as an initial participant
• the trust's total current year capital gains for the income year are greater than $10,000, or
• the trust's total current year capital losses for the income year are greater than $10,000.

The Guide to capital gains tax 2010 will help you complete the CGT schedule. It also includes:

• a capital gain or capital loss worksheet for calculating a capital gain or capital loss for each CGT event
• a CGT summary worksheet for calculating a net capital gain or net capital loss for the income year
• the CGT schedule.

Sections within Schedules

• Capital allowances schedule
• Capital gains tax (CGT) schedule
• Losses schedule
• Non-individual PAYG payment summary schedule
• Personal services income schedule
• Thin capitalisation schedule