In the earlier steps, you calculated your capital gain or capital loss for each CGT event, then worked out your net capital gain or net capital loss.
Print X in the Yes box at G Did you have a capital gains tax event during the year? at the capital gains item on your entity’s tax return.
Exemptions and rollovers
If you applied an exemption or rollover, print X in the Yes box at M Have you applied an exemption or rollover? at the capital gains item on your entity’s tax return. If you are lodging by paper print in the code box at M the code that represents the CGT exemption or rollover that produced the largest amount of capital gain or capital loss deferred or disregarded.
If you are lodging electronically, follow the instructions on screen.
CGT exemption and rollover codes:
- A Small business active asset reduction
- B Small business retirement exemption
- C Small business rollover
- D Small business 15 year exemption
- E Foreign resident CGT exemption
- F Scrip for scrip rollover
- G Inter-company rollover
- H Demerger exemption
- J Capital gains disregarded as a result of the sale of a pre-CGT asset
- K Disposal or creation of assets in a wholly-owned company
- L Replacement asset rollovers
- M Exchange of shares or units
- N Exchange of rights or options
- O Exchange of shares in one company for shares in another company
- P Exchange of units in a unit trust for shares in a company
- Q Disposal of assets by a trust to a company
- R Demerger rollover
- S Same asset rollovers
- T Small business restructure rollover
- X Other exemptions and rollovers.
If your entity is required to complete a CGT schedule, then if you applied the CGT relief you will need to provide details at item 8 of that schedule, and you may also need to provide details of certain exemptions or rollovers applied.
If you or your entity receive an amount of capital gains from a trust and the trust applied an exemption or rollover to that capital gain, you do not need to report the exemption or rollover on your income tax return at M Have you applied an exemption or rollover? The trust will report the exemption or rollover on its own tax return.
Net capital gain
Transfer the amount at 6A in part 6 of your entity’s CGT summary worksheet to A Net capital gain on your entity’s tax return
Add the amounts, if any, at 3A in part 9 and 3B in part 3 of your entity’s CGT summary worksheet and write the total amount at Losses information, V Net capital losses carried forward to later income years on your entity’s tax return.
Foreign resident capital gains withholding payments
Foreign resident capital gains withholding applies to certain transactions entered into on or after 1 July 2016. If an amount has been withheld from you or your entity and paid to the ATO we will advise you of the receipt of the withholding amount. Refer to the instructions for the tax return relevant to you or your entity for information on how to claim the credit for the foreign resident capital gains withholding amount.