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  • Step 8 Working out your net capital gain-label A item 17



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

    End of attention

    From the amount you have shown at label H, deduct any of the following amounts that you have worked out:

    • step 5-current year capital losses
    • step 6-prior year net capital losses, and/ or
    • step 7-discount amount.

    The amount remaining is your net capital gain, which you show at label A.

    If you have capital losses that have reduced your capital gains to zero, print '0' at label A. If you have any capital losses remaining after reducing your capital gains, you can carry these forward to future years (see step 9). This does not apply to the current year capital losses listed in step 5.

    Example: Net capital gain-Label A Item 17

    Kathleen has deducted her current year capital losses from her capital gains in the order that gives her the best result. She deducted her $600 capital loss from her $520 capital gain (as this gain is not eligible for the CGT discount because she owned the shares for less than 12 months) and the remainder from her other $3,000 capital gain:

    $520 − $600 = ($80)

    $3,000 − $80 = $2,920

    Kathleen has deducted her prior year capital losses in the order that gives her the best result. As she only had discount capital gains left, the $400 prior year capital loss was deducted from the remaining $2,920:

    $2,920 − $400 = $2,520

    Kathleen applies the CGT discount by multiplying her capital gain by 50%:

    $2,520 × 50% = $1,260

    Kathleen shows $1,260 at label A-Net capital gain.

    End of example
    Last modified: 31 Aug 2010QC 16195