The Guide to capital gains tax 2007 explains how capital gains tax (CGT) works and will help you calculate your net capital gain or net capital loss for 2006-07 so you can meet your CGT obligations. There are worksheets in this guide to help you do this.
Who should use this guide?
An individual, company, trust or superannuation fund can use this guide to work out their CGT obligations.
A company, trust or superannuation fund that is required to complete and lodge a Capital gains tax (CGT) schedule 2007 (CGT schedule) should use the schedule included in this guide. Part C explains when a schedule must be lodged.
If you have a small business, you should get the publication Guide to capital gains tax concessions for small business 2006-07 (NAT 8384).
Individuals may prefer to use the shorter, simpler Personal investors guide to capital gains tax 2007 (NAT 4152-6.2007) if, during 2006-07, they only:
- sold some shares
- sold some units in a managed fund, and/or
- received a distribution of a capital gain from a managed fund.
This guide does not deal fully with the CGT position of:
- a company that is the head company of a consolidated group - the rules that apply to members of a consolidated group modify the application of the CGT rules. For more information about the consolidation rules or if you have technical tax enquiries, visit our website or phone the Tax Reform Infoline on 13 24 78
- an individual or entity whose gains or losses are included as part of its income under other provisions of the tax law - for example, from carrying on a business of share trading (see the fact sheet Carrying on a business of share trading)
- an individual or entity that is not an Australian resident for tax purposes.
Publications and services
To find out how to get a publication referred to in this guide, see Publications and for information about our other services, see More information.