• Part A2: Capital gains and capital losses from collectables

    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

    Did your entity make a capital gain or a capital loss from a collectable during the income year? Or did the entity receive a distribution from a trust during the income year that includes a net capital gain from a collectable?

    Yes

    Read on.

    No

    Go to part A3.

    Transfer any capital gains from collectables from the Capital gain or capital loss worksheets to C1, C2 or C3 on your CGT summary worksheet. Transfer any capital losses from collectables to C4 on your CGT summary worksheet.

    If your entity was entitled to a distribution of a net capital gain from a trust resulting from a collectable, show this amount at C5 to C7. You must use the same method as the trustee to calculate your entity's capital gain from the trust. For example, if the trustee used the discount method to calculate a capital gain, you need to do the same and show the grossed up amount at C6.

    If the trustee used the discount method to calculate a capital gain, you gross it up by multiplying the distribution amount by two. Grossing up ensures that any capital losses your entity has made are subtracted from your grossed-up capital gain before the CGT discount is applied.

    The totals of all of your entity's capital gains from collectables are shown at C8 to C10.

    Last modified: 04 Mar 2016QC 27527