• Step A2.1: Deduct any current year capital losses (CYCL) from collectables from current year capital gains (CYCG) 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

    If your entity has any current year capital losses from collectables, deduct these from any current year capital gains from collectables. This reduces your CGT obligation. If your entity has current year capital losses from collectables that can be deducted they must be deducted here. You cannot choose to defer to a later year any amount that can be deducted this year.

    Does your entity have any current year capital gains from collectables?

    No

    Transfer the amount at C4 to H in part I and then go to part A3

    Yes

    Does your entity have a CYCL from a collectible?

    No

    Transfer the amounts at C8, C9 and C10 to 1E, 1F and 1G and then go to step A2.2

    Yes

    Read on

    Deduct any current year capital losses from collectables (shown at C4) from your current year capital gains from collectables (shown at C8 to C10).

    You can do this in the order that gives the best result, which would usually be to apply the losses against capital gains calculated using the:

    1. 'other' method
    2. indexation method
    3. discount method.

    Show the amounts deducted from capital gains from your collectables at 1A to 1C, depending on the choice made about how to deduct the losses. The total losses from collectables deducted from gains from collectables are shown at 1D.

    Show any remaining capital gains from collectables at 1E to 1G.

    If your entity has any unapplied current year capital loss from collectables (C4 minus 1D), you can carry this forward to reduce the capital gains from collectables in later income years. Transfer the amount of unapplied current year capital losses from collectables to H UNCL from collectables in part I.

    Last modified: 04 Mar 2016QC 27527