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Incorrectly pre-filled Capital gains or losses in myTax 2017

Information to help you review your 2017 myTax return and amend the Capital gains or losses section.

Last updated 2 July 2018

We have identified that your 2017 tax return may be incorrect because our system may have incorrectly pre-filled the Capital gains or losses section.

Due to the complexity of our system, we are unable to take any relevant corrective action.

You will need to review the Capital gains or losses section in your 2017 tax return, and amend it if required, using the following steps.

Next steps:

How to review your tax return

Review your tax return using our online services, accessed via myGov, by following these steps:

  • Log in to our online servicesThis link opens in a new window.
  • From the menu, select Tax, then 'Lodgments', followed by 'Income tax' and then select the 'History' tab.
  • Select the View details link. This will display your tax return details.
  • Scroll down and locate the Capital gains or losses section. Select View to review the details.

If all the details are correct, you don’t need to take any further action.

If the amounts shown in the Capital gains or losses section are incorrect, you will need to amend your tax return.

How to amend the Capital gains or losses section

After you have logged in and reviewed your tax return, follow these steps to amend the Capital gains or losses section:

  • Scroll down to the bottom of your tax return and select Amend return. The Personalise return screen will be presented.
  • Scroll down and select Next. Your tax return details will be displayed again.
  • Scroll down and locate the Capital gains or losses section. Select Amend.
    You will need to use the CGT record keeping tool to amend the details shown.
  • Depending on your circumstances, there are two ways to amend the details using the CGT record keeping tool:  
    • If you have no capital gains or losses to show for 2016-17, or you wish to manually calculate and enter the amounts, you will need to clear any values from the Capital gains or losses section.
      Using the link onscreen, open the tool and when promoted, select Clear CGT values (Image 2).
      This will return you to the Capital gains or losses section and allow you to save the return with no capital gains or losses, or to enter the details manually.
    • If you have capital gains or losses to show for 2016-17, you will need to use the tool to re-calculate these amounts.
      Using the link onscreen, open the tool and when promoted, select Re-calculate (Image 2).
      Confirm the details in the tool, adjust or add any asset information if required, and select Calculate. Then select Save to myTax.
     
  • In the Capital gains and losses section, select Save and continue.
  • Scroll down to the bottom of your tax return and select Calculate and then Lodge amendment.

Once lodged, we will process the amendment and issue a notice of amended assessment. Online amendments are generally processed within 20 business days.

Image 2: CGT record keeping tool prompt to clear CGT values or recalculate.

Image 2: CGT record keeping tool prompt to clear CGT values or recalculate. 'Do you want to clear or re-calculate the CGT values in myTax?' - select the Clear CGT values button or the Re-calculate button 

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