• Step 4 How to complete the CGT schedule

    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

    Your entity must complete a CGT schedule for the 2011-12 income year if:

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

    Consolidated groups

    If a group consolidates during the income year, the head company must lodge a CGT schedule if the total capital gains or total capital losses that it makes (as head company of the consolidated group and while not a member of a consolidated group) are greater than $10,000.

    An entity that has joined a consolidated group or groups during the income year as a subsidiary member must lodge a CGT schedule covering any periods of non-membership if the entity satisfies the requirements for lodgment of that schedule.

    End of attention

    If your entity is required to complete a CGT schedule, attach it to your entity's 2012 tax return. You should lodge only one CGT schedule with your entity's tax return.

    If you are lodging a paper tax return and CGT schedule, print and complete the CGT schedule provided. To get copies of the preprinted schedule, phone our Publications Distribution Service on 1300 720 092.

    Print your entity's tax file number (TFN), name and Australian business number in the boxes provided. The CGT schedule must be signed in the same way that the 2012 tax return is signed.

    Part A Capital gains from CGT assets and CGT events

    1. Transfer the amounts from A to H and from M to U on your CGT summary worksheet to the corresponding labels in part A of the CGT schedule.
    2. Transfer the amounts at J, K and L on your CGT summary worksheet (after step A2.2) to the corresponding labels in part A of the CGT schedule.

    Add the totals V, W and X.

    Part B Current year capital losses (CYCL) from CGT assets and CGT events - other than capital losses from collectables

    Transfer the amounts at A, T, B, U, C and D on your CGT summary worksheet to the corresponding labels in part B of the CGT schedule.

    Further Information

    Now go straight to part D (there is no part C in this worksheet).

    End of further information

    Part D Applying capital losses against current year capital gains

    From step D1 of the CGT summary worksheet:

    1. Add the amounts at columns 3A and 3D and transfer the total to E in part D of the CGT schedule.
    2. Add the amounts at columns 3B and 3E and transfer the total to F in part D of the CGT schedule.
    3. Add the amounts at columns 3C and 3F and transfer the total to G in part D of the CGT schedule.
    4. Transfer the amount at Total CYCL applied amount H to H in part D of the CGT schedule.

    From step D2 of the CGT summary worksheet:

    1. Add the amounts at columns 4D and 4G and transfer the total to I in part D of the CGT schedule.
    2. Add the amounts at columns 4E and 4H and transfer the total to J in part D of the CGT schedule.
    3. Add the amounts at columns 4F and 4I and transfer the total to K in part D of the CGT schedule.
    4. Transfer the amount at Total PYNCL applied L to L in part D of the CGT schedule.

    From step D3 of the CGT summary worksheet:

    1. Add the amounts at columns 5A and 5D and transfer the total to M in part D of the CGT schedule.
    2. Add the amounts at columns 5B and 5E and transfer the total to N in part D of the CGT schedule.
    3. Add the amounts at columns 5C and 5F and transfer the total to O in part D of the CGT schedule.
    4. Transfer the amount at Total capital losses transferred in P to P in part D of the CGT schedule.

    Add the totals H, L and P.

    Part E Current year capital gains (CYCG) after applying capital losses

    Transfer the amounts at A, B, C, D, E and F of the CGT summary worksheet to the corresponding labels in part E of the CGT schedule.

    Add the totals G, H and I.

    Part F Applying the CGT discount on capital gains

    Transfer the amounts at J and K of the CGT summary worksheet to the corresponding labels in part F of the CGT schedule.

    Part G Applying the CGT concessions for small business

    Transfer the amounts at rows L to N, O to Q and R to T of the CGT summary worksheet to the corresponding labels in part G of the CGT schedule.

    Part H Calculating net capital gain

    Follow the instructions on the schedule to calculate G in part H of the CGT schedule.

    Part I Unapplied net capital losses (UNCL) carried forward to later income years

    Transfer the amounts at H and I of the CGT summary worksheet to the corresponding labels in part I of the CGT schedule.

    Part J Small business 15-year exemption

    Write the total amount of any capital gains disregarded by the small business 15-year exemption (do not apply the CGT discount) at J in part J of the CGT schedule.

    Print in the box at K the code from the list below that best describes the CGT asset or CGT event from which your entity made the capital gain. If your entity made capital gains from more than one CGT asset or CGT event, select the code which best describes the type of CGT asset or CGT event that produced the largest amount of capital gain.

    CGT asset or CGT event code:

    S shares

    U units in unit trusts

    R real estate

    G goodwill

    O other CGT assets or CGT events not listed above

    Part K Scrip for scrip rollover for exchanging taxpayer

    During the income year, did your entity choose a scrip for scrip rollover when an arrangement was made to exchange original interests for replacement interests?

    Original interests are shares or units or other interests (or an option, right or similar interest in a company or trust), while replacement interests are similar interests in another company or trust.

    Print X in the appropriate box at A.

    If you printed Y for Yes:

    • write at B the amount of the cost base for all of the original interests exchanged (regardless of whether or not full rollover was available)
    • write at C the total of the market value of the replacement interests acquired
    • write at D the total of the amount of cash and other considerations received. Do not include any amount already included at C.

    Part L Scrip for scrip rollover for acquiring entity - to be completed by companies and trusts only

    Was the company or trust an 'acquiring entity' during the income year under an arrangement for which original interest holders qualified for scrip for scrip rollover?

    Print X in the appropriate box at E.

    If you printed Y for Yes, provide the information requested below for the arrangement. If interests were acquired in more than one original entity, write at F the number of original entities subject to such arrangements and provide the information requested below for the arrangement involving the greatest cost base for the interests acquired.

    Write at G the TFN for the original entity.

    Write at H the number of shares, units or other interests issued in exchange for the shares or units or other interests acquired in the original entity.

    Write at I the number of options, rights or similar interests issued in exchange for the options, rights or similar interests acquired in the other entity.

    Write at J the amount of other considerations (including cash) given to acquire the shares, units or other interests, options, rights or similar interests in the original entity.

    Write at K the total of the first element of the cost bases of the shares, units or other interests, options, rights or similar interests acquired in the original entity as a result of the arrangement.

    Did the company that issued replacement interests or the trustee of the trust, jointly with a significant or common stakeholder, choose to receive a rollover?

    Print Y for Yes or N for No at L.

    If the answer at L is Yes, write at M the total of the first element of the cost bases of the shares, or units or other interests, or options, rights or similar interests in the original entity (original interests) acquired directly from significant and common stakeholders for the arrangement, or issued by the original entity to the company or trust and attributable to original interests of significant and common stakeholders that were cancelled under the arrangement.

    Part M Did you have an employee share scheme in place at any time during the year - to be completed by companies only

    Did the company have an employee share scheme in place at any time during the income year?

    Print X in the appropriate box at N.

    Part N Same majority underlying ownership and pre-CGT assets - Division 149 - to be completed by companies only

    Was there no change in the majority underlying interests of any assets to which Division 149 applies?

    Declare whether or not there was a change in the majority underlying ownership in any assets the company acquired before 20 September 1985. If there was a change, answer N for No. In this case, the cost base of the relevant assets is reset under Division 149.

    If there was no change, answer yes.

    Print X in the appropriate box at O.

    After following all these steps, you have completed your entity's CGT schedule.

    Remember to lodge the CGT schedule with your entity's tax return.

    Do not lodge your worksheets. Keep these with your own records.

    Part O Earnout arrangements

    Are you a party to an earnout arrangement?

    Print X in the appropriate box at P.

    If you printed X for Yes, as a buyer, provide the information requested below for the earnout arrangement. You will not need to complete S. If you are a buyer in a standard earnout arrangement, you will need to complete Q and R. If you are a buyer in a reverse earnout arrangement, you will need to complete Q, R and T.

    If you printed X for Yes, as a seller, provide the information requested below for the earnout arrangement.

    Write at Q the number of years the earnout arrangement runs for in total.

    Write at R the year of the earnout arrangement you are in.

    For example, if you are in the second year of a four year earnout arrangement, you would write 4 at Q and 2 at R.

    If you are the seller, write at S the total estimated capital proceeds from the earnout arrangement.

    Write at T the amount of any capital gain or loss you made under your earnout arrangement in the income year for which this schedule is being completed.

    If you are a party to more than one earnout arrangement you will need to provide details of all earnout arrangements in which you are a party. To do this copy and attach a separate sheet to the CGT schedule providing the details listed in Part O of the additional earnout arrangement(s).

      Last modified: 08 Jul 2013QC 25657