Guide to capital gains tax 2010-11

Step 9 Working out your net capital gain

The amount of your remaining capital gains becomes your net capital gain, which you write at A Net capital gain item 18 on your tax return (supplementary section).

It represents the amount you have written at H Total current year capital gains reduced in accordance with:

• Step 5 Applying current year capital losses
• Step 6 Applying net capital losses from earlier years
• Step 7 Applying the CGT discount
• Step 8 Applying the small business CGT concessions.

If you have capital losses that have reduced your capital gains to zero, do not put anything at A Net capital gain. If you have any capital losses remaining after reducing your capital gains, you can carry these forward to future income years (see step 10). Again do not include losses from:

• assets you acquired before 20 September 1985
• personal use assets
• other losses that are disregarded.

Example 109: Net capital gain - A

Because no other CGT concessions apply to Kathleen she writes $1,260 at A Net capital gain item 18 on her tax return (supplementary section).

Sections within Part B - Completing the capital gains section of your tax return

• Step 1 Types of CGT assets and CGT events
• Step 2 Calculating your current year capital gain or capital loss for each CGT asset or CGT event
• Step 3 Total current year capital gains
• Step 4 Capital losses
• Step 5 Applying current year capital losses
• Step 6 Applying net capital losses from earlier years
• Step 7 Applying the CGT discount
• Step 8 Applying the small business CGT concessions
• Step 9 Working out your net capital gain
• Step 10 Capital losses carried forward to later income years