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Part B-Completing Item 17-individuals

Last updated 22 February 2024

Check 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.

Are you a company, trust or fund?

Read part C of this guide first. 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 2000-01.

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

Read part B if you are an individual who has made a capital gain or capital loss in 2000-01 from a distribution from a unit trust (including a managed fund) or the sale of assets for example:

  • a rental property
  • land
  • collectables
  • shares, or
  • units in a managed fund.

If you have made a capital gain or capital loss from the sale of just a few shares or units, or from distributions from managed funds, you may find it easier to use the Personal investors guide to capital gains tax.

The steps below explain how to calculate your net capital gain or loss for 2000-01 and complete item 17 (Capital gains) in the 2001 tax return for individuals (supplementary section).

Note: New terms

There may be terms in part B that are not familiar to you. Refer to chapter 1 in part A for more information or to the Explanation of terms in this guide.

Chapter 2 in part A explains how to calculate a capital gain or capital loss for each CGT event or asset using the Capital gain or loss worksheetThis link will download a file that you can download here. For most individuals, this worksheet is all you will need to work out what needs to be included at item 17 in your tax return.

If you have a large number of these worksheets due to having several CGT events, you may wish to use the CGT summary worksheet (also in this guide) to help you calculate your net capital gain or net capital loss. Go to section 1b in part C of this guide to find out how to complete the CGT summary worksheet and then item 17 in your tax return.

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