In part A you show your entity's total current year capital gains.
Part A1: Current year capital gains (other than capital gains from collectables)
What to include and exclude
You generally do not include any capital gain to which an exemption (for example, the small business 15-year exemption) or exception applies.
However, you must include in the Active assets columns capital gains for which your entity may be exempt because it is entitled to one or more of the following:
- small business 50% active asset reduction
- small business retirement exemption, or
- small business rollover.
If a capital gain does not qualify for one or more of these three concessions, include it at Non-active assets.
At A to I and M to U on the worksheet, show the current year capital gains (other than from collectables) transferred from the Capital gain or capital loss worksheets.
Trust capital gains
You must also include at G to I and S to U on this worksheet any distribution from a trust of a net capital gain from a CGT event (other than one involving a collectable) that your entity is entitled to.
You must use the same method as the method used by the trustee to calculate your entity's capital gain from the trust. For example, if the trustee used the discount method to calculate a capital gain, you must use the same method. In some cases your entity must gross up the amount of the trust capital gain. If this applies, you include the grossed-up amount at H, S, T and U, as explained below.
If the trustee used the discount method to calculate a capital gain, you need to gross it up by multiplying the distribution amount by two. You include the result at H. Grossing up ensures that any capital losses your entity has made are deducted from your entity's grossed-up capital gain before the CGT discount is applied.
If the trust's capital gain was reduced by the small business 50% active asset reduction, again it needs to be grossed-up by multiplying the distribution amount by two. Include the result at S or U.
If the trust's capital gain was reduced by the CGT discount and by the small business 50% active asset reduction, multiply the distribution amount by four and include the result at T.
Amount of capital gain
Show the full amount of all capital gains in part A1.
Do not show the amount remaining after applying:
- capital losses (which are applied on page 4 of the worksheet at part D)
- the CGT discount (which is applied on page 6 of the worksheet at part F), or
- the small business CGT concessions (which are applied on page 7 of the worksheet at part G).
Transfer the amounts at A1 to A6 to the corresponding A1 to A6 in part A3 of the CGT summary worksheet.