Did your entity make a capital gain or a capital loss from a collectable during the income year? Or did the entity receive a distribution from a trust during the income year that includes a net capital gain from a collectable?
Go to part A3.
Transfer any capital gains from collectables from the Capital gain or capital loss worksheets (PDF 50KB)This link will download a file to C1, C2 or C3 on your CGT summary worksheet (PDF 205KB)This link will download a file. Transfer any capital losses from collectables to C4 on your CGT summary worksheet (PDF 205KB)This link will download a file.
If your entity was entitled to a distribution of a net capital gain from a trust resulting from a collectable, show this amount at C5 to C7. You must use the same method as 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 need to do the same and show the grossed up amount at C6.
If the trustee used the discount method to calculate a capital gain, you gross it up by multiplying the distribution amount by two. Grossing up ensures that any capital losses your entity has made are subtracted from your grossed-up capital gain before the CGT discount is applied.
The totals of all of your entity's capital gains from collectables are shown at C8 to C10.
Step A2.1: Deduct any current year capital losses (CYCL) from collectables from current year capital gains (CYCG) from collectables
If your entity has any current year capital losses from collectables, deduct these from any current year capital gains from collectables. This reduces your CGT obligation. If your entity has current year capital losses from collectables that can be deducted they must be deducted here. You cannot choose to defer to a later year any amount that can be deducted this year.
Does your entity have any current year capital gains from collectables?
Transfer the amount at C4 to H in part I and then go to part A3
Does your entity have a CYCL from a collectible?
No – Transfer the amounts at C8, C9 and C10 to 1E, 1F and 1G and then go to step A2.2
Yes – Read on
Deduct any current year capital losses from collectables (shown at C4) from your current year capital gains from collectables (shown at C8 to C10).
You can do this in the order that gives the best result, which would usually be to apply the losses against capital gains calculated using the:
- 'other' method
- indexation method
- discount method.
Show the amounts deducted from capital gains from your collectables at 1A to 1C, depending on the choice made about how to deduct the losses. The total losses from collectables deducted from gains from collectables are shown at 1D.
Show any remaining capital gains from collectables at 1E to 1G.
If your entity has any unapplied current year capital loss from collectables (C4 minus 1D), you can carry this forward to reduce the capital gains from collectables in later income years. Transfer the amount of unapplied current year capital losses from collectables to H UNCL from collectables in part I.