You may have made a capital gain or capital loss, if a capital gains tax (CGT) event happened in 2017–18. For most CGT events, you make:
- a capital gain if the amount of money and property you received, or were entitled to receive, from the CGT event was more than the cost base of your asset; you may then have to pay tax on your capital gain
- a capital loss if the amount of money and property you received, or were entitled to receive, from the CGT event was less than the reduced cost base of your asset.
If you are a Norfolk Island resident, CGT may now apply to assets acquired after 23 October 2015. CGT remains payable on Australian mainland assets. For more information see Special capital gains tax rules for Norfolk Island residents.
Do not show at this section a 'listed investment company capital gain amount' included in a dividend paid by a listed investment company. See Dividend deductions.
There is a wide range of CGT events. The most common CGT event happens when you sell or give away a CGT asset, such as:
- real estate, including your family home, a holiday home, investment property, hobby farm or vacant block of land
- units in a unit trust or managed investment fund
- forestry managed investment scheme interests (as a subsequent participant)
- collectables, for example, jewellery
- personal use assets.
For more information and examples of other CGT events, see You need to know.
Before completing this section, you may wish to read What you may need.
We have shown any:
- capital gains you have at the Managed funds section
- shares or real estate disposal information provided to us, and
- capital loss carried forward from your 2016–17 tax return.
Check for any other CGT event information not pre-filled, and include it all when calculating your capital gain or loss.
- If you have a capital gain in the Managed funds section, see Capital gains and managed funds.
Otherwise, read on.
- Work out the capital gains or loss amounts to show at this section using the CGT record keeping tool, or manually calculate your capital gains or loss.
The CGT record keeping tool can help work out basic gain or loss events. CGT pre-fill data shown in myTax will be transferred to the tool.
If you do use the CGT record keeping tool, go to step 6.
Otherwise, if you manually calculate your capital gain or loss, read on.
- Enter your Total current year capital gains.
This is calculated by adding all your capital gains for 2017–18 (except those that are disregarded). Do not apply capital losses, any CGT discounts or the small business concessions yet (other than the 15-year exemption).
- Enter your Net capital gain.
This is the amount remaining after applying to your current year capital gains, whichever of the following items are relevant to you (in the order listed):
- 2017–18 capital losses
- unapplied net capital losses from earlier years
- any CGT discounts
- the small business 50% active asset reduction
- the small business retirement exemption or rollover.
If you have capital losses to apply, you will find it to your advantage to apply them first to any capital gains that do not qualify for the CGT discount.
If you are an individual (including a beneficiary of a trust) and
- a foreign or temporary resident, or
- an Australian resident with a period of non-residency after 8 May 2012
and you have a discount capital gain, then you may not be entitled to the maximum CGT discount percentage of 50%. For more information, see Capital gains tax (CGT) discount for foreign resident individuals.
If the total amount remaining is positive or zero, enter the amount. If you have a negative amount, enter zero. You have net capital losses to carry forward to later income years.
You can only use capital losses from collectables to reduce capital gains from collectables. You must disregard capital losses from personal use assets.
- Enter your Net capital loss carried forward to later income years.
If you have a negative amount from your calculation of Net capital gain at step 4, you have a net capital loss to carry forward to later income years. You can use net capital losses from earlier years that you have not yet used to reduce a capital gain in later years.
- Answer the question Have you applied an exemption or rollover?
If No, go to step 8.
If Yes, go to step 7.
- Select the Capital gains tax exemption or rollover type code.
For more information about CGT exemptions and rollovers, see Guide to capital gains tax.
- Enter the amount of the credit you are entitled to claim under the foreign resident capital gains withholding rules.
- If your current year capital gain or loss is more than $10,000, complete the CGT schedule.
- Select Save and continue.