About this guide
The Guide to capital gains tax 2011 explains how capital gains tax (CGT) works and will help you calculate your net capital gain or net capital loss for 2010–11 so you can meet your CGT obligations. There are worksheets at the end of the guide to help you do this.
This guide is not available in print or as a downloadable PDF (Portable Document Format) document.
Who should use this guide?
An individual, company, trust or superannuation fund can use this guide to work out their CGT obligations.
Individuals may prefer to use the shorter, simpler Personal investors guide to capital gains tax 2011 (NAT 4152) if, during 2010–11, they only:
- sold some shares
- sold some units in a managed fund, or
- received a distribution of a capital gain from a managed fund.
A company, trust or superannuation fund that is required to complete and lodge a Capital gains tax (CGT) schedule 2011 (NAT 3423) (CGT schedule) should use the schedule included at the back of 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 2011 (NAT 8384).
This guide does not deal fully with the CGT position of:
- 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.
- 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 go to Consolidation.