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.
Last modified: 06 Oct 2009QC 27417