• Step 1-Complete a Capital gain or capital loss worksheet for each CGT event
    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    The Capital gain or capital loss worksheet calculates a capital gain or capital loss for each separate CGT event. Do not attach completed worksheets to your entity's 2001-02 tax return-these are your working papers and should be kept with your entity's tax records.

    Remember that when you are using the Capital gain or capital loss worksheet:

    • you show the type of CGT asset or CGT event that resulted in the capital gain or capital loss. organise each of these under one of the following 4 categories:
      • shares and units in unit trusts
      • real estate
      • other CGT assets (including personal use assets) and any other CGT events
      • collectables
       

    There are special rules that apply when working out a capital gain or capital loss for a depreciating asset. A capital gain or capital loss will only arise to the extent that a depreciating asset is used for a non-taxable purpose (for example, used privately). The capital gain or capital loss is calculated having regard to concepts used in the uniform capital allowance provisions. Those provisions also treat as income or allow as a deduction any gain or loss from a depreciating asset to the extent that it was used for a taxable purpose

    • if a capital gain was made, you calculate it using:
      • the indexation method (see note 2 to the worksheet) for capital gains made on CGT assets acquired before a certain time (11.45 am by legal time in the ACT on 21 September 1999) and owned for at least 12 months or
      • the discount method (see note 3 to the worksheet) for assets owned for at least 12 months and for which you are not using the indexation method
      • the 'other' method (if neither the indexation method nor the discount method applies).
       

    These 3 methods of calculating a capital gain are explained in full in chapter 2 part A and are also listed in Explanation of terms.

    Signpost

    When you have calculated your capital gain or capital loss for each CGT event using a Capital gain or capital loss worksheet, or a different tool, transfer any capital gains or capital losses to the CGT summary worksheet.

    Last modified: 06 Oct 2009QC 27417