This guide will help you work out whether any of the assets you own (or may own in the future), and any events that happen, are subject to CGT. Where they are, it tells you how to work out your capital gain or capital loss. It also covers what records you need to keep.
We may use some terms that are new to you. These words are explained in Definitions. Generally they are also explained in more detail in the section where they first appear.
While we have sometimes used the word 'bought' rather than 'acquired', you may have acquired an asset subject to CGT (a CGT asset) without paying for it (for example, as a gift or through an inheritance). Similarly, we refer to 'selling' such an asset when you may have disposed of it in some other way (for example, by giving it away or transferring it to someone else). Whether by sale or by any other means, all of these disposals are CGT events.
Your tax return
Whether you are an individual or an entity (company, trust or fund), if you have a capital gain or capital loss for 2006-07, this guide will help you to complete the capital gains item on your tax return.