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  • Guide to capital gains tax 2022

    Our guide to capital gains tax (CGT) provides information for individuals, companies, trusts or superannuation funds on how to work out their net capital gain or net capital loss so they can meet their CGT obligations.

    In this guide

    About this guide

    The Guide to capital gains tax 2022 explains how CGT works and will help you calculate your net capital gain or net capital loss for 2021–22 so you can meet your CGT obligations. There are links to worksheets in this guide to help you do this.

    If you are an individual, you may prefer to use the shorter, simpler Personal investors guide to capital gains tax 2022 (NAT4152) if, during 2021–22, you only:

    • sold shares
    • sold units in a managed fund, or
    • received a distribution of a capital gain from a managed fund.

    If you are a company, trust or superannuation fund, you may be required to complete and lodge a Capital gains tax (CGT) schedule 2022 (CGT schedule) as explained in part C.

    If you have a small business, see Small business CGT concessions.

    This guide does not deal fully with the CGT position of:

    • an individual or entity that is not an Australian resident for tax purposes
    • a company that is the head company of a consolidated group. The rules that apply to members of a consolidated group modify the application of the CGT rules. For more information about the consolidation rules, see Consolidation.

    This guide does not cover individuals or entities whose gains or losses are not subject to CGT but are covered under other tax law; for example, for gains or losses from carrying on a business of share trading or net profit or loss from a profit-making activity of property renovations, see:

    CGT schedule

    Complete a Capital gains tax schedule 2022 (CGT schedule) if you:

    • are a company, trust, attribution managed investment trust (AMIT) or superannuation fund with total capital gains or capital losses of more than $10,000 in 2021–22
    • are a superannuation fund (or pooled superannuation trust) recognising a capital gain in 2021–22 that was deferred in 2016–17 to apply transitional CGT relief
    • are a multi-class attributed managed investment trust (AMIT) – lodge a separate CGT schedule for each class that has total capital gains or losses of more than $10,000
    • entered into an earn-out arrangement, which requires an amendment to a prior year's assessment.

    Partnerships and individuals who lodge a paper tax return are not required to lodge a schedule.

    For information on the CGT schedule, see:

    • Part C – for companies, trusts and funds
    • Part B – for individuals – individuals who have entered into an earn-out arrangement will also have to refer to item 7 of step 4 of part C if they need to make an amendment to a prior year's assessment.

    Worksheets

    The two CGT worksheets provided will help you keep track of your records and work out any capital gains or capital losses you need to include in your tax return.

    There is:

    You can print out these forms and complete them as you work through the guide.

    Terms used

    For more information on the terms we use, see Definitions.

    While we have sometimes used the word ‘bought’ rather than ‘acquired’, you may have acquired an asset subject to CGT (a CGT asset) without paying for it (for example, as a gift or through an inheritance). Similarly, we refer to ‘selling’ when you may have disposed of it in some other way (for example, by giving it away or transferring it to someone else). Whether by sale or by any other means, these disposals are CGT events.

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    Last modified: 26 May 2022QC 67993