Did the SMSF have a net capital gain?
The SMSF’s net capital gain is the total capital gain for 2017–18 less:
- any 2017–18 capital losses
- any prior year net capital losses, and
- any other relevant CGT discount or concession.
Leave A blank.
Print at A the SMSF's net capital gain.
Show at A the amount of net capital gain calculated or transferred from:
- 6A at part 6 of the CGT summary worksheet
- A at part 6 of the CGT schedule, if any.
When working out the SMSF's net capital gain, include:
- net foreign source capital gains
- the capital gains component of the SMSF's share of net income from a trust
- the capital gains component of the SMSF's share of a distribution from a partnership
- capital gains made by the SMSF from a forestry managed investment scheme (see Forestry managed investment schemes).
If you include an amount at A that is exempt current pension income, include it also at Y Exempt current pension income.
Non-arm's-length capital gains
A net capital gain from the sale of an asset by the SMSF is non-arm's-length income if, for example, the asset:
- was sold to a related party for more than the asset’s market value, or
- was originally acquired from a related party for less than the asset’s market value.
Complying SMSFs do not include non-arm's-length net capital gains at A. Show these at Non-arm's-length income items U2 or U3.
To calculate the SMSF’s net capital gain, see Capital gains tax.
Example: Capital gains tax
In 2017–18, SMSF A sold a house for $500,000. It bought the house for $470,000 in 2012. Its capital gain from this sale using the discount method (see Capital gains tax) is $20,000.
SMSF A reports:
G Did you have a capital gains tax (CGT) event during the year? Yes
M Have you applied an exemption or rollover? No
A Net capital gain $20,000End of example