Is your entity a company, trust or fund?
Read this part.
Do you expect your entity's total capital gains or total capital losses for the 2003–04 income year to be $10,000 or less?
The instructions in this part 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:
- Company tax return 2004 – item 7
- Trust tax return 2004 – item 18, or
- Fund income tax and regulatory return 2004 – item 9a.
Funds include superannuation funds, approved deposit funds and pooled superannuation trusts.
The labels to complete at these items are:
Did you have a CGT event during the year?
Net capital gain
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 2004 – item 10
- Trust tax return 2004 – item 24
- Fund income tax and regulatory return 2004 – item 10.
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.
The worksheets provided in this guide are the:
- Capital gain or capital loss worksheet (PDF 50KB)This link will download a file (to calculate the capital gain or capital loss from each CGT event)
- CGT summary worksheet (PDF 205KB)This link will download a file (to calculate the net capital gain or net capital loss and complete the CGT labels on the 2003–04 tax return).
You can print out the worksheets and complete them as you work through this part.
The worksheets are optional and your entity may prefer to use a different worksheet or a computer-based alternative. We have used these 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 2004 if this is required.