• Modified net capital gain amount - label Z

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    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Note:

    You must calculate your modified net capital gain amount and show it at Z before you work out the amount to show at V.

    If you are 18 years of age or over at 30 June 2000, you work out your modified net capital gain amount by adding the amount you have shown at X (prior year net capital losses applied) to your notional net capital gain. If your notional net capital gain includes part of the notional net capital gain of a trust, do not add any of the trustee's prior year net capital losses.

    When you worked out your notional net capital gain, if you applied net capital losses of earlier income years against a capital gain or a notional capital gain before disregarding all or part of the remainder under the small business retirement exemption or the small business roll-over, your modified net capital gain amount will include part of that gain. The part included will be the amount of the gain or notional gain (which you may have had to recalculate if it was made after 11.45 am on 21 September 1999) less the amount you disregarded under the exemption or roll-over and less any current year capital losses applied against the gain. Any prior year net capital losses you applied against the gain will be included in the amount at X, which is added to your notional net capital gain to give your modified net capital gain amount.

    If you are under 18 years of age at 30 June 2000, refer to question A1 Under 18 excepted income on page 102 of TaxPack 2000. If you answered YES to the second question ('Did any of the following apply to you?'), work out the modified net capital gain amount as explained in this section.

    If you answered NO to that question, work out the modified net capital gain amount as explained above. Then, as an additional step, calculate any part of the amount (including amounts from trusts) which would not have been excepted income if the amount had been your net capital gain. Subtract that part. The remaining amount is your modified net capital gain amount. For information about excepted income, refer to step 1 in question A1.

    If you answered NO to that question and none of your net capital gain at W was excepted income, you will not have any CGT averaging reduction, so you do not need to complete labels V and Z. If all or part of your net capital gain was excepted income, you may still have a reduction. If part of your net capital gain was excepted income and part was not, to claim the reduction you must complete a schedule of additional information as well as labels V and Z (see Circumstances when additional information is needed: Net capital gains of minors).

    Last modified: 18 Sep 2009QC 18323