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  • Step 2-Work out the time of the CGT event



    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 timing of a CGT event is important because it tells you which income year is affected by your capital gain or capital loss. If you sell an asset to someone else, the CGT event happens when you enter into the contract of sale.

    If there is no contract, the CGT event happens when you stop being the asset's owner.

    Generally, any capital gain or capital loss you make in relation to a CGT event is disregarded if you acquired the asset before 20 September 1985.

    Last modified: 06 Oct 2009QC 16182