Part B – Completing the capital gains section of your tax return
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
- Item 17 of the 2004 tax return for individuals
- Item 9 if you use the tax return for retirees
Introduction
Step 1 – Types of CGT assets and CGT events
Step 2 – Calculating your current year capital gain or capital loss for each CGT asset or CGT event
Step 3 – Total current year capital gains
Step 4 – Capital losses
Step 5 – Applying current year capital losses
Step 6 – Applying prior year net capital losses
Step 7 – Applying the CGT discount
Step 8 – Applying the small business CGT concessions
Step 9 – Working out your net capital gain
Step 10 – Capital losses carried forward to later income years
Read this first
Are you an individual?
If you are completing a tax return on behalf of an individual (rather than an entity), read this part of the guide.
If you need help completing the:
Is your entity a company, trust or fund?
If the tax return is for a company, trust or fund, go to part C of this guide.
Introduction
Read part B if you are an individual and a capital gains tax (CGT) event has happened to you in 2003–04 or you received a distribution from a trust (including a managed fund) that included a net capital gain.
If you have only sold a few shares or units, or have a managed fund distribution, you may find it easier to use the Personal investors guide to capital gains tax 2003–04.
The steps that follow explain how to calculate your net capital gain or capital loss for 2003–04 and complete item 17 Capital gains on your 2004 tax return for individuals (supplementary section) – or item 9 if you use the 2004 tax return for retirees. Note: You cannot use the tax return for retirees if you had a distribution from a managed fund during the year.
Individuals, including individual partners in a partnership, who lodge using a paper tax return are not required to complete a CGT schedule.
Chapter 2 in part A explains how to calculate a capital gain or capital loss for each CGT event or asset using the Capital gain or capital loss worksheet (PDF 50KB)This link will download a file. For most individuals, this worksheet is all you will need to work out what needs to be included at item 17 on your tax return (or item 9 if you use the tax return for retirees). Make copies of the worksheet if you need more than one. If you need help completing the Capital gain or capital loss worksheet (PDF 50KB)This link will download a file, read step 1 in part C (ignoring the word 'entity').
If you have a number of the Capital gain or capital loss worksheets (PDF 50KB)This link will download a file because several CGT events happened to you, you may wish to use the CGT summary worksheet (PDF 205KB)This link will download a file to help you calculate your net capital gain or net capital loss. Read steps 2 and 3 in part C of this guide (ignoring the word 'entity') to find out how to complete the summary worksheet. Then complete item 17 on your tax return (or item 9 if you use the tax return for retirees).
Unfamiliar terms
There may be terms in part B that are not familiar to you. Refer to chapter 1 in part A for more information or to Explanation of terms.
Last modified: 04 Mar 2016QC 27527