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  • Capital gains tax 

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    Capital gains tax chapter

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    Capital gains tax (CGT) is the tax payable on any net capital gain included with other assessable income on an entity's (individual, company, fund and trust) tax returns - respective rates of tax then apply to a net capital gain.

    This chapter provides CGT information on individuals, companies and funds, as reported on their tax returns and CGT schedules. Because it is generally trust beneficiaries who are subject to the tax on any capital gain, no CGT information is included for trusts in this chapter.

    A capital gain or loss arises if a CGT event occurs, with the most common CGT event being the sale of an asset, such as real estate or shares. 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 unapplied 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.

    Attention

    Overview

    For the 2010-11 income year:

    • net capital gains were reported by 557,016 individuals, 15,037 companies and 60,739 funds
    • net capital gains totalled $22.3 billion, a 9.9% increase from 2009-10
    • capital gains tax payable on the net capital gains of taxable individuals, companies and funds was estimated to be $5.4 billion, a 7.1% increase from 2009-10

    approximately 59.3% ($32.7 billion) of total current year capital gains were sourced from shares.

    End of attention
      Last modified: 03 Mar 2014QC 33846