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

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.