• Capital gains tax (CGT) schedule

    You do not need to complete a Capital gains tax (CGT) schedule 2016 (CGT schedule) if the trust was a subsidiary member of a consolidated group or MEC group for the whole of the income year.

    If a subsidiary member of a consolidated or MEC group must lodge a company tax return for any non-membership periods during the year of income, that company may also need to lodge a Capital gains tax (CGT) schedule 2016 for the non-membership periods. For information about reporting multiple non-membership periods during the year, see the Consolidation reference manual, sheet C9-5-110.

    In other cases, complete a Capital gains tax (CGT) schedule 2016 and attach it to trust’s tax return if:

    • the trust’s total current year capital gains are greater than $10,000, or
    • the trust’s total current year capital losses are greater than $10,000.

    The Guide to capital gains tax 2016 will help you complete the CGT schedule. It includes:

    • a capital gain or capital loss worksheet for calculating a capital gain or capital loss for each CGT event
    • a CGT summary worksheet for calculating a net capital gain or net capital loss for the income year
    • a CGT schedule.
    Last modified: 31 Aug 2016QC 48243