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  • Completing the CGT schedule

    You must complete the CGT schedule if your total current year capital gains or losses are more than $10,000. This includes if you received a distribution from a trust (including a managed fund) that has a net capital gain.

    Net capital gain

    The amounts you show in this section must equal the amounts you have shown at Total current year capital gains, Net capital gain and Net capital loss carried forward to later income years.

    Current year capital gains and losses

    Using the following categories, enter the 2018–19 total capital gain or capital loss amounts:

    • shares in Australian listed companies
    • other shares
    • units in Australian listed unit trusts
    • other units
    • Australian real estate
    • overseas real estate
    • collectables
    • other assets
    • capital gains from trusts (including a managed fund).

    Do not include capital gains that are disregarded, deferred or reduced, or capital losses that are disregarded, see Exemptions and rollovers.

    For more information, see Capital gains tax.

    Capital losses applied

    Total current year capital losses applied: Enter the amount of current year capital losses you can apply to reduce your current year capital gains.

    If you have current year capital losses that can be deducted, you cannot choose to defer those losses to a later income year. For more information, see Applying current year capital losses (disregard the word 'entity').

    Total prior year net capital losses applied: Enter the amount of any remaining prior year net capital losses you can apply to reduce your current year capital gains, after you applied current year capital losses. Prior year net capital losses are the unapplied net capital losses carried forward from earlier income years.

    If you have prior year net capital losses that can be applied, you cannot choose to defer those losses to a later income year. You can deduct prior year net capital losses from any remaining capital gains in the way that produces the best result. However, you must deduct them in the order in which they were made, for example, you must deduct a 1995–96 income year capital loss before a 1998–99 income year capital loss. If you have capital losses from collectables you can only apply those to your capital gains from collectables.

    For more information, see Capital gains tax.

    Total capital losses transferred in applied: This field is only applicable to group companies with net capital losses transferred in. You can leave this field blank.

    Unapplied net capital losses carried forward

    Net capital losses from collectables carried forward to later income years: If you have capital losses from collectables you can only apply those to your capital gains from collectables. If your prior year capital losses from collectables are greater than your current year capital gains from collectables remaining after applying current year capital losses from collectables, you need to reduce them to the amount of the gain. Any unapplied prior year net capital losses from collectables are carried forward to later income years.

    Other net capital losses carried forward to later income years: Enter your unapplied capital losses. They will be available to reduce capital gains in later income years.

    CGT discount

    Total CGT discount applied: You can reduce any remaining current year capital gains after applying losses, using the discount method by the discount percentage (50% for individuals). You cannot apply the discount to capital gains calculated using the indexation method or the 'other' method.

    Individuals (including a beneficiary of a trust and a partner in a partnership) who have a period of foreign residency after 8 May 2012 may not be entitled to the full 50% discount on a capital gain from a CGT event that happened after 8 May 2012. For more information, see Capital gains tax (CGT) discount for foreign resident individuals.

    CGT concessions for small business

    If you are a small business owner, you may qualify for one or more of the following small business CGT concessions:

    • Small business active asset reduction
    • Small business retirement exemption, or
    • Small business rollover.

    For more information, see Small business CGT concessions.

    Other CGT information

    Capital gains disregarded as a result of scrip for scrip rollover: You may roll over a capital gain if a company in which you hold shares is taken over and you receive shares in the takeover company and the takeover meets certain conditions. It can also apply if a trust or fund in which you hold units is taken over and you receive units in the takeover trust or fund. The company, trust or fund will usually advise investors if the conditions for rollover are met. For more information, see scrip for scrip rollover.

    Capital gains disregarded as a result of inter-company assets rollover: A same asset rollover may be available where:

    • a company transfers or creates a CGT asset in another company that is a member of the same wholly-owned group
    • at least one of the companies is a foreign resident.

    For more information, see inter-company asset rollover.

    Capital gains disregarded by a demerging entity: You may be eligible to disregard any capital gains arising from a demerger if you are a demerging entity in a demerger group application. For more information, see demerger exemption.

    Small business 15-year exemption: Subject to certain conditions being satisfied, this means a capital gain is totally disregarded if you or your small business entity has continuously owned the CGT asset for at least 15 years, and:

    • you are 55 years old or over and retiring, or
    • you are permanently incapacitated.

    Enter the total amount of any capital gains disregarded by the small business 15-year exemption. Do not apply the CGT discount.

    Select the code from the list below that best describes the CGT asset or CGT event from which you made the capital gain or produced the largest amount of capital gain:

    • S shares
    • U units in unit trusts
    • R real estate
    • G goodwill
    • O other CGT assets or CGT events not listed above.

    Capital gains disregarded by a foreign resident: If you are a foreign resident, you are subject to CGT if a CGT event happens to a CGT asset that is ‘taxable Australian property’. However, if you are eligible for an exemption then you may disregard the capital gain you have made. If your CGT asset is not a taxable Australian property, you do not need to enter an amount.

    Enter the total amount of any capital gains disregarded by the application of foreign resident exemption. Do not apply the CGT discount.

    Earnout arrangements

    Guide to capital gains tax has information on the look-through CGT treatment for certain Earnout arrangements.

    Where the guide instructs you to write an amount at 7G on the schedule, you will need to lodge an amendment. Enter this amount in your myTax amendment at Amended net capital gain or capital losses carried forward.

    If you have already lodged an amendment in relation to an earnout arrangement and wish to submit another amendment in relation to the earnout arrangement, you cannot use myTax. See Correct (amend) an income tax return.

      Last modified: 26 Jun 2019QC 59111