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  • Capital gains tax

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    Capital gains tax chapter

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    This chapter provides CGT information on individuals, companies and funds, as reported on their individual, company and fund tax returns and 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. Respective rates of tax apply to a net capital gain.

    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 that cost over $500 (for example, jewellery)
    • personal use assets which cost over $10,000.

    A net capital gain is the total of capital gains 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
    • 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.

    Overview

    For the 2008-09 income year:

    • net capital gains totalled $23.5 billion, a 57.5% decrease from 2007-08
    • net capital gains were reported by 518,334 individuals, 14,743 companies and 60,227 funds
    • capital gains tax (CGT) payable on the net capital gains of taxable individuals, companies and funds was estimated to be $6 billion, a 48.8% decrease from 2007-08
    • 337,353 taxable individuals, companies and funds declared $40.2 billion in total current year capital gains on their CGT schedules, a 60.7% decrease from 2007-08
    • approximately 59.4% ($20.1 billion) of these total capital gains were sourced from share transactions
    • 19,905 individuals and 2,801 companies claimed small business CGT concessions worth $1.9 billion and $0.8 billion respectively, a 38.9% and 40.9% increase from 2007-08.
     
      Last modified: 18 Oct 2011QC 23907