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Exceptions, exemptions, discounts or other concessions

Last updated 5 October 2009

There may be an exemption that allows you to disregard your capital gain or capital loss. For example, generally you disregard any capital gain or capital loss associated with any pre-CGT assets (that is, those you acquired before 20 September 1985).

There may be a roll-over that allows you to defer your capital gain or capital loss. For example, if a company in which you hold shares is taken over or merges with another company, you may have a CGT obligation if you are required to dispose of your existing shares. If you exchanged your existing shares for shares in the takeover company this income year, you may be able to defer or roll over some or all of your capital gain (but not capital loss) until a later CGT event happens to your replacement shares. This is known as scrip-for-scrip roll-over. (See notes 1 and 2) Another example of a roll-over is in relation to transferring a CGT asset to your former spouse after a marriage breakdown. In this case, you may not have to pay CGT on the transfer, but CGT may need to be paid by your former spouse when a later CGT event happens to the asset. A further example of roll-over is demerger roll-over.

Selling a rental property

If you have sold a rental property, have assets from a deceased estate or have several CGT events this income year, this guide does not provide you with enough detail. You need to read the publication Guide to capital gains tax to find out how to calculate and report your CGT obligation.