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G Did you have a capital gains tax (CGT) event during the year?

Last updated 12 February 2019

A fund makes a capital gain or capital loss if certain events or transactions happen. These are called CGT events. CGT events usually happen to a fund’s CGT assets, such as the disposal of an asset. However, some CGT events relate directly to capital receipts.

If the fund ceases to hold or to use a depreciating asset that was used for both taxable and non-taxable purposes, a CGT event may happen in respect of the asset. A capital gain or capital loss may arise to the extent that the asset was used for a non-taxable purpose. For more information, see the Guide to depreciating assets 2013 (NAT 1996).

The capital gain or capital loss can be disregarded for some CGT events. For example, a capital gain or capital loss in relation to segregated current pension assets of a complying superannuation entity is disregarded.

Find out more

About CGT events see the Guide to capital gains tax 2013, which includes:

  • a capital gain or capital loss worksheet for calculating a capital gain or capital loss for each CGT event
  • a CGT summary worksheet for calculating the fund’s net capital gain or capital loss
  • a Capital gains tax (CGT) schedule 2013.

The Guide to capital gains tax 2013 also explains special CGT rules that apply to foreign residents and trustees of foreign trusts.

The worksheets will help you calculate the net capital gain or capital loss for the income year and complete the CGT questions on the fund tax return. You do not have to complete the worksheets; but if you do, do not attach them to the fund tax return; keep them with the fund’s tax records.

If the fund had a CGT event happen during the 2012–13 income year or the fund had net income from a trust that includes a capital gain, print X in the Yes box at G. Otherwise, print X in the No box.

In relation to a forestry managed investment scheme (FMIS), the fund selects Yes if it held a forestry interest in an FMIS as a subsequent participant on capital account and there has been a harvest or a sale of the forestry interest. A harvest or sale is a CGT event as it results in the fund no longer holding some or all of that interest. See the meaning of FMIS terms at X Forestry managed investment scheme income item 10. A fund may need to also include income at X Forestry managed investment scheme income.

If you select Yes you must complete the Capital gains tax (CGT) schedule 2013 (CGT schedule) and attach it to the fund tax return if:

  • total current year capital gains are greater than $10,000, or
  • total current year capital losses are greater than $10,000.