You do not need to complete a Capital gains tax (CGT) schedule 2015 (CGT schedule) if the trust was a subsidiary member of a consolidated group or MEC group for the whole of the income year.
If a subsidiary member of a consolidated or MEC group must lodge a company tax return for any non-membership periods during the year of income, that company may also need to lodge a Capital gains tax (CGT) schedule 2015 for the non-membership periods. For information about reporting multiple non-membership periods during the year, see the Consolidation reference manual, sheet C9-5-110.
In other cases, complete a Capital gains tax (CGT) schedule 2015 and attach it to trust’s tax return if:
- 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 2015 will help you complete the CGT schedule. It 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.