Personal investors guide to capital gains tax 2023

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General guidance

General guidance

On this page

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Completing question 18 in your supplementary tax return

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Corporate collective investment vehicles

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Small business CGT concessions

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Investments in foreign hybrids

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General value shifting regime

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Forestry managed investment schemes

Completing question 18 in your supplementary tax return

This guide will help you complete question 18 Capital gains in your supplementary tax return.

If you sold or otherwise disposed of shares, or units in a unit trust (including a managed fund) in 2022-23, read part A of this guide, then work through part B .

If you received a distribution of a capital gain from a managed fund in 2022-23, read part A of this guide, then work through part C .

Managed funds include property trusts, share trusts, equity trusts, growth trusts, imputation trusts and balanced trusts.

Corporate collective investment vehicles

From 1 July 2022, the corporate collective investment vehicle (CCIV) framework was introduced.

A CCIV is a registered company that is made up of one or more sub-funds and is operated by a single corporate director. A sub-fund of a CCIV is all or part of the CCIV's business that is registered as a sub-fund by ASIC.

For tax purposes, each CCIV sub-fund is taken to be a separate unit trust (known as a 'CCIV sub-fund trust') with:

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the CCIV as trustee of the CCIV sub-fund trust

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holders of shares in the CCIV which are referable to a particular CCIV sub-fund are treated as holding units in that sub-fund trust.

Each CCIV sub-fund trust is subject to the existing rules for the taxation of trusts.

A CCIV sub-fund trust is treated as an Attribution Managed Investment Trust (AMIT) if it meets certain AMIT eligibility criteria for that income year.

A CCIV sub-fund trust that meets the AMIT eligibility criteria for an income year is called an 'attribution CCIV sub-fund trust'.

Any reference to an AMIT in this guide includes an attribution CCIV sub-fund trust.

For more information, see Corporate Collective Investment Vehicles.

Small business CGT concessions

If you are involved in the sale of shares or units for a small business and you would like more information, see Small business CGT concessions .

Investments in foreign hybrids

A foreign hybrid is an entity that was taxed in Australia as a company but taxed overseas as a partnership. This can include a limited partnership, a limited liability partnership and a United States limited liability company.

If you have an investment in a foreign hybrid (referred to as being a member of a foreign hybrid), you are now treated as having an interest in each asset of the partnership for Australian tax purposes.

As a consequence, any capital gain or capital loss made with respect to a foreign hybrid or its assets is taken to be made by the member.

General value shifting regime

If you own shares in a company or units (or other fixed interests) in a trust and value has been shifted in or out of your shares or units, you may be affected by value shifting rules. Generally, the rules only affect individuals who control the company or trust, or individuals who are related to individuals or entities that control the company or trust.

Forestry managed investment schemes

There are specific CGT rules where secondary investors or subsequent participants hold forestry managed investment scheme (FMIS) interests on capital account. These rules apply to FMIS interests sold or disposed of in 2007-08 and later income years.

For more information see Guide to capital gains tax 2023 .

References

ATO references:
NO QC 72665