Signpost
Read this signpost before you read part B or part C of this guide
Are you an individual?
If you are completing a tax return on behalf of an individual (rather than an entity) read part B of this guide, and only read part C (this part) if you need help completing the sample worksheets.
Is your entity a company, trust or fund?
If the tax return is for a company, trust or fund, read this part of the guide.
Yes |
Work through steps 1, 2 and 3. |
No |
Work through steps 1 - 4. Step 4 will show you how to complete the Capital gains tax (CGT) schedule 2003. |
Introduction
These instructions are designed to help companies, trusts and funds (your entity) to calculate a capital gain or capital loss and to complete the capital gains items on the relevant tax return. This will be:
- Company tax return 2003-item 7
- Trust tax return 2003-item 18, or
- Fund income tax and regulatory return 2003-item 9a.
Funds include superannuation funds, approved deposit funds and pooled superannuation trusts.
The labels to complete at these items are:
G |
Did you have a CGT event during the year? |
A |
Net capital gain |
(If you are an individual, you will also need to complete H Total current year capital gains).
You will also need to complete V Net capital losses carried forward to later income years at the Losses information item on your entity's tax return.
The relevant item number will be:
- Company tax return 2003-item 10
- Trust tax return 2003-item 24, or
- Fund income tax and regulatory return 2003-item 10.
Note: New terms There may be terms in part C that are not familiar to you. Refer to chapter 1 in part A or to Explanation of terms.
Note: Entity
The term 'entity' is used to describe a company (including a head company of a consolidated group), a trust and a fund in this part of the guide.
Worksheets
The sample worksheets provided are the:
- Capital gain or capital loss worksheet (PDF, 180KB)This link will download a file (to calculate the capital gain or capital loss from each CGT event)
- CGT summary worksheet (PDF, 180KB)This link will download a file (to calculate the net capital gain or net capital loss and complete the CGT labels on the 2002-03 tax return).
The worksheets are optional and your entity may prefer to use a different worksheet or a computer-based alternative. We have used these sample worksheets throughout this part of the guide as examples to help you complete the capital gains item on your entity's tax return, and a Capital gains tax (CGT) schedule 2003 (PDF, 180KB)This link will download a file if this is required.
Note: Individuals
If you are an individual taxpayer, you may also use the worksheets at the back of this guide and the related instructions in steps 1, 2 and 3 to calculate your net capital gain or net capital loss and complete the capital gains item on your tax return. As an individual, you are not required to complete a CGT schedule when lodging a paper tax return, regardless of the amount of your capital gains or capital losses.