Guide to capital gains tax 2004

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About this guide

Guide to capital gains tax 2003-04

This guide is designed for individuals, companies, trusts and funds completing paper-based income tax returns. It explains how capital gains tax works and will help you calculate your net capital gain or net capital loss for 2003-04 so you can meet your capital gains tax obligations. There are worksheets at the back of the guide to help you do this.

If you are an individual and prefer to prepare and lodge your tax return electronically, you can use the e-tax 2004 software package developed by the Tax Office. The capital gains tax module includes a calculator for capital gains and capital losses and can be downloaded from the internet at www.ato.gov.au/etax .

Companies, trusts and superannuation funds with capital gains tax obligations over a certain threshold must complete a Capital gains tax (CGT) schedule 2004 .

Use part C of this guide to find out how to complete your worksheets, tax return labels and (if you are over the threshold) the CGT schedule.

If you are a small business taxpayer, you should get the publication Guide to capital gains tax concessions for small business .

If you have an enquiry relating to your circumstances which this publication does not cover, phone the Personal Tax Infoline on 13 28 61 or get help from a recognised tax adviser.

- Individuals may prefer to use the shorter, simpler Personal investors guide to capital gains tax 2003-04 if, during 2003-04, they only:

• sold some shares
• sold some units in a managed fund, and/or
• received a distribution of a capital gain from a managed fund.

ATO references:
NO NAT 4151