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  • About this guide



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

    End of attention

    This guide is designed for individuals, companies, trusts and funds completing paper-based income tax returns. It explains how capital gains tax works and will help you calculate your net capital gain or net capital loss for 2000-01 so you can meet your capital gains tax obligations. There are worksheets in this guide to help you do this.

    The guide also introduces the new Capital gains tax (CGT) schedule 2001 (CGT schedule) which must be completed by companies, trusts and superannuation funds with capital gains tax obligations over a certain threshold. A downloadable CGT scheduleThis link will download a file has been included in this guide for your information.

    If you would prefer to prepare and lodge your tax return electronically, you can use the ATO's e-tax 2001 software package. The capital gains tax module includes a calculator for capital gains and capital losses and can be downloaded via the internet at

    You may prefer to use the shorter, simpler Personal investors guide to capital gains tax if you are an individual who, during 2000-01:

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

    If you are an individual who has sold a rental property or several parcels of shares during the year, use part B of this guide to find out how to complete your worksheets and tax return labels.

    If you are a small business, you should obtain a copy of the short publication Capital gains tax concessions for small business. Use part C of this guide to find out how to complete your worksheets, tax return labels and (if you are over the threshold) a CGT schedule.

    If you are a company, trust or superannuation fund, use part C of this guide to find out how to complete your worksheets, tax return labels and (if you are over the threshold) the CGT schedule.

    How self-assessment affects most individuals

    Self-assessment means the ATO uses the information you give in your tax return to work out your refund or tax bill. You are required by law to make sure you have shown all your assessable income and claimed only the deductions and tax offsets to which you are entitled.

    What are your responsibilities?

    Even if someone else - including a tax agent- helps you to prepare your tax return, you are still legally responsible for the accuracy of the information.

    What if you lodge an incorrect tax return?

    Our computers continually check for missing or wrong information. We have audit programs designed to detect where taxpayers have not declared all of their assessable income or where they have incorrectly claimed deductions or tax offsets. If you become aware that your tax return is incorrect, you must contact us straightaway.

    Initiatives to complement self-assessment

    There are a number of initiatives administered by the ATO which complement self-assessment. Examples include:

    • a change in penalty provisions so that if you take reasonable care with your tax affairs, you will not receive a penalty for honest mistakes-but please note that interest on omitted income or over claimed deductions and tax offsets could still be payable
    • the process for applying for a private ruling
    • your entitlement to interest on early payment or overpayment of a tax debt
    • the process for applying for an amendment if you find you left something out of your tax return.

    Do you need to ask for a private ruling?

    If you have a concern about the way tax law applies to your personal tax affairs, you may want to ask for a private ruling.

    A private ruling will relate just to your situation. Write to the ATO describing your situation in detail and ask for advice. Include your tax file number. If you lodge your tax return before you receive your private ruling, be aware that the ruling may alter the accuracy of your return.

    You can ask for a review of a private ruling decision if you disagree with it, even if you have not received your assessment. The ATO can give you more information about review procedures.


    Reader feedback helps us to improve the information we provide. If you have any comments to make about this guide, please write to:

    The Editor
    Public Assistance Branch
    Australian Taxation Office
    PO Box 900

    As this is a publications area only, any tax matters will be passed on to a technical area. Otherwise you can ring our Personal Tax Infoline on 13 28 61 for help.

    Further information

    For more information about capital gains tax, you can:

    • access the ATO's e-tax 2001 software package (via the ATO's website-see below) which has a module that includes a calculator for capital gains and capital losses
    • obtain a copy of the shorter, simpler Personal investors guide to capital gains tax which covers the sale of shares, units and distributions from managed funds and is designed mainly for individuals
    • download fact sheets and other information from our website at
    • phone the ATO on 13 28 61
    • seek advice from a professional tax adviser.

    If you do not speak English and need help from the ATO, phone the Translating and Interpreting Service (TIS) on 13 14 50.

    People with a hearing or speech impairment can phone the Telephone Typewriter Service on 1300 130 478.

    Last modified: 31 Aug 2010QC 16195