Part B – Completing the capital gains section of your tax return
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 18 of the Tax return for individuals (supplementary section) 2017.
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.
Read part B if you are an individual and a CGT event happened in 2016–17 or you received a distribution from a trust (including a managed fund) that included a net capital gain.
If you have sold only 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 2017.
The steps that follow explain how to calculate your net capital gain or net capital loss for 2016–17 and complete item 18 Capital gains on your Tax return for individuals (supplementary section) 2017.
The labels to complete on your Tax return for individuals (supplementary section) 2017 are:
- G Did you have a capital gains tax event during the year?
- M Have you applied an exemption or rollover during the year?
- A Net capital gain
- H Total current year capital gains
- V Net capital losses carried forward to later income years
- X Credit for foreign resident capital gains withholding amounts.
Individuals, including individual partners in a partnership, who lodge using a paper tax return, are not required to complete a CGT schedule.
How to work out your capital gain or capital loss in part A explains how to calculate a capital gain or capital loss for each CGT event or asset using completed examples and the Capital gain or capital loss worksheet (PDF, 134KB)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 18 on your tax return (supplementary section). Make copies of the worksheet if you need more than one. If you need help completing the Capital gain or capital loss worksheet, see step 1 in part C (ignore the word ‘entity’).
If you have a number of the Capital gain or capital loss worksheets because several CGT events happened, you may wish to use the CGT summary worksheet (PDF, 170KB)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 18 on your tax return (supplementary section).