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  • Capital gains tax



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    Capital gains tax chapter


    Capital gains taxdetailed tables


    Taxation Statistics - whole document


    This chapter provides CGT information on individuals, companies and funds, as reported on their individual, company and fund tax returns as well as CGT schedules. CGT is the tax payable on any net capital gain included with other assessable income on an entity's (individual, company or fund) tax return. Normal rates of tax apply to a net capital gain.

    A net capital gain is the total capital gain made by a taxpayer for an income year, reduced by:

    • the taxpayer's total capital losses for the income year and any net capital losses from previous years, and
    • any CGT discount or small business CGT concessions the taxpayer is entitled to.

    If total capital gains are less than total capital losses for an income year, the taxpayer has a net capital loss for that income year. This loss cannot be deducted from assessable income; it can be used only to reduce capital gains in subsequent income years.

    A capital gain or capital loss may arise if a CGT event happens, with the most common CGT event being the sale of an asset. Some typical assets are:

    • land
    • shares
    • units in a unit trust or managed investment fund
    • collectables which cost over $500, for example, jewellery, and
    • personal use assets which cost over $10,000.



    For the 2005-06 income year:

    • net capital gains totalled $46.9 billion, reported by 1,019,615 taxable individuals, 18,844 taxable companies and 90,496 taxable funds
    • capital gains tax (CGT) payable on the net capital gains of taxable individuals, companies and funds was estimated to be $11.4 billion
    • 618,866 taxable individuals, companies and funds declared $86.5 billion in total current year capital gains on their CGT schedules. Approximately 61.0% ($52.8 billion) of these total capital gains were sourced from share transactions.
      Last modified: 18 Mar 2008QC 20124