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  • Part C-Instructions for companies, trusts and funds (entities)

    Attention

    Warning:

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

    End of attention

    Signpost: Read this signpost before you read part B or part C of this guide

    Are you an individual?

    Read part B of this guide, and only read part C if you need help completing the sample worksheets.

    Is your entity a company, trust or fund?

    Read part C of this guide. The steps outlined will show you whether you need to read section 1 or section 2, or both.

    Do you expect your entity's total capital gains or total capital losses for the current year to be $10,000 or less?

    Work through section 1 of part C.

    You only need to refer to section 2 of part C if your entity's total capital gains or total capital losses are greater than $10,000 in 2001-02.

    Do you expect your entity's total capital gains or total capital losses for the current year to be greater than $10,000?

    Work through section 2 of part C. You will be referred back to section 1 of part C if you need help with the worksheets.

    Introduction

    These instructions are designed to help companies, trusts and funds (your entity) to calculate a capital gain or capital loss and to complete the capital gains items on the relevant tax return. This will be the:

    • Company tax return 2002-item 7
    • Trust tax return 2002-item 18 or
    • Fund income tax and regulatory return 2002-item 9.

    Funds include superannuation funds, approved deposit funds and pooled superannuation trusts.

    The labels to complete at these items are:

    • G-Did you have a CGT event during the year?
    • A-Net capital gain
    • H-Total current year capital gains
      (if you are an individual).

    You will also need to show your entity's net capital losses carried forward to later income years at V at the relevant item number for the entity's tax return. This will be the:

    • Company tax return 2002-item 10 (Losses information)
    • Trust tax return 2002-item 24 (Losses information) or
    • Fund income tax and regulatory return 2002-item 10 (Losses information).

    Note-New terms

    There may be terms in part C that are not familiar to you. Refer to chapter 1 in part A or to Explanation of terms.

    Note-Entities

    The term 'entities' is used to describe companies, trusts and funds in this part of the guide.

    Last modified: 06 Oct 2009QC 27417