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Capital gains made by a trust

Last updated 31 August 2014

Exclude net capital gains from item 13

If you are a beneficiary of a trust, you may be entitled to (or may have received) an amount described as a share of the trust's net capital gain. However, you do not include this amount at item 13 Partnerships and trusts on your tax return (supplementary section). Instead, you are treated as having made an extra capital gain (or capital gains) following the steps described below.


Item 13 on the tax return for individuals (supplementary section)

Question 13 in the Tax return for individuals (supplementary section) 2014 tells you to exclude net capital gains from the amount of trust income you write at U item 13 on your tax return (supplementary section). In your statement of distribution or advice, the trust should state your share of the trust’s net capital gain. [Only exclude so much of the trust's net capital gain that would otherwise form part of your share of the trust income.]

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