• Steps you need to take

    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

    The completion of the CGT labels on your entity's 2007 tax return involves a three-step process (for entities with capital gains or capital losses under the $10,000 threshold) or a four-step process (for entities with capital gains or capital losses over the $10,000 threshold):

    Step 1

    Calculate the capital gain or capital loss for each CGT event that happens during the 2006-07 income year using the Capital gain or capital loss worksheet.

    Step 2

    Calculate the net capital gain for the 2006-07 income year or net capital losses carried forward to later income years using the CGT summary worksheet.

    Step 3

    Complete the capital gains item on your entity's tax return.

    Step 4

    If required, complete a CGT schedule.

    Last modified: 06 Oct 2009QC 27893