You do not need to complete a Capital gains tax (CGT) schedule 2011 (CGT schedule) if the trust was a subsidiary member of a consolidated group for the whole of the income year.
In other cases, complete a CGT schedule and attach it to the trust's tax return if:
- a CGT event occurs in relation to a forestry managed investment scheme (FMIS) interest that is held other than as an initial participant
- the trust's total current year capital gains are greater than $10,000, or
- the trust's total current year capital losses are greater than $10,000.
The Guide to capital gains tax 2011 will help you complete the CGT schedule. It also 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 a net capital gain or net capital loss for the income year
- a CGT schedule.