• Step 3 - how to complete the capital gains item on your entity's tax return

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    Warning:

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

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    In the earlier steps, you calculated your capital gain or capital loss for each CGT event, then worked out your net capital gain or net capital loss.

    If your entity made a capital gain or capital loss during the income year:

    • print Y (for yes) at GDid you have a capital gains tax event during the year? at the capital gains item on your entity's tax return
    • transfer the amount at G in part H of your entity's CGT summary worksheet to A Net capital gain on your entity's tax return, and
    • add the amounts, if any, at H and I in part I of your entity's CGT summary worksheet and show the total amount at Losses information, V Net capital losses carried forward to later income years on your entity's tax return.

    If you are an individual completing your 2004 tax return for individuals (supplementary section) or a tax agent completing a tax return on behalf of an individual:

    • print Y (for yes) at GDid you have a capital gains tax event during the year? item 17 Capital gains on your tax return
    • transfer the amount at Total CYCG, part A3 of your CGT summary worksheet to HTotal current year capital gains item 17 Capital gains on your tax return
    • transfer the amount at G, part H of your CGT summary worksheet to A Net capital gain item 17 Capital gains on your tax return, and
    • add the amounts, if any, at H and I in part I of your CGT summary worksheet and show the total at V Net capital losses carried forward to later income years item 17 Capital gains on your tax return.
    Last modified: 04 Mar 2016QC 27527