You may have made a capital gain or capital loss, if a capital gains tax (CGT) event happened in 2018–19. 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
- 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.
Did you have a capital gains tax event in 2018–19?
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, 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.
Example of other CGT events that may occer:
- an asset you owned was lost or destroyed
- you received an amount for entering into an agreement, for example, you agreed not to work in a particular industry for a set period of time
- you entered into a conservation covenant over land that you owned
- you received a non-assessable payment from a trust or company.
You may also have made a capital gain if:
- you were a beneficiary of, or had money invested in, a trust (including a managed investment fund), and
- the trust made a capital gain.
If you are not sure whether a CGT event happened in 2018–19, see 'Appendix 1: Summary of CGT events' in Guide to capital gains tax.
For more information, see:
- Did you dispose of shares, stapled securities or rights acquired under an employee share scheme?
- Did you receive, or were you entitled to receive, a share of the income of a trust or managed fund?
- Did you sell a property you inherited?
- Foreign residents
- Foreign resident capital gains withholding (FRCGW)
- Temporary residents
You cannot deduct a capital loss from your assessable income, but in most cases it can be used to reduce any capital gain you made in 2018–19, or in a later income year if you have not made a capital gain in 2018-19.
You may disregard some capital gains and capital losses. Generally speaking, you disregard a capital gain or capital loss on:
- assets you acquired before 20 September 1985
- cars, motorcycles and similar vehicles
- compensation you received for personal injury
- disposal of your main residence. For more information, see Your home may be subject to capital gains tax
- collectables, for example an antique or jewellery, which you acquired for $500 or less
- the exchange of shares or units you owned in a company or trust under a takeover, if certain conditions were met
- shares in a company or interests in a trust where there had been a demerger and certain conditions had been met
- disposal of an asset to which the small business 15-year exemption applies
- disposal of certain investments by
- a venture capital limited partnership
- an early stage venture capital limited partnership
- an Australian venture capital fund of funds
- disposal of shares in a pooled development fund
- personal use assets, such as boats, furniture, electrical goods and household items used or kept mainly for personal use or enjoyment. If you acquired it
- for more than $10,000, you disregard only capital losses
- for $10,000 or less, you disregard both capital gains and capital losses
- transfer of an asset where the Small business restructure roll-over is available (gains or losses are deferred until the asset is disposed of)
- shares in a qualifying early stage innovation company (ESIC) held for less than 10 years and, in the case of capital gains, the shares were also held for at least 12 months; see Tax incentives for early stage investors.
For more information, see Asset transfer on marriage breakdown.
If you are a foreign resident beneficiary of a trust, and if 'managed-investment trust withholding tax' is payable on an amount that you received from that trust (other than in the capacity of a trustee), do not include any part of that amount on your tax return.
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 2017–18 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 2018–19 (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):
- 2018–19 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.