This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
End of attention
For 1999-2000 only, the law provides for a basic reduction in income tax for capital gains made up until 11.45 am on 21 September 1999. The amount of tax payable on the gain is the same as it would have been if the CGT averaging concession still applied.
The ATO will calculate the amount of the reduction for you provided that you complete V and Z.
You will need to complete V (pre-announcement net capital gain amount) and Z (modified net capital gain amount) only if:
- your taxable income includes a net capital gain
- you made a capital gain from a CGT event on or before 11.45 am on 21 September 1999 or you received, or are entitled to receive, distribution from a trust which includes a capital gain that was made at or before 11.45 am on 21 September 1999.
For more information on whether you are eligible for the CGT averaging reduction and on completing these labels refer to Removal of CGT averaging.
Last modified: 18 Sep 2009QC 18323