Guide to capital gains tax 2005

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About this guide

Guide to capital gains tax 2004-05

The Guide to capital gains tax 2005 explains how capital gains tax works and will help you calculate your net capital gain or net capital loss for 2004 - 05 so you can meet your capital gains tax obligations. There are worksheets at the back of the guide to help you do this.

Who should use this guide?

An individual, company, trust or superannuation fund can use this guide to work out their capital gains tax.

A company, trust or superannuation fund that is required to complete and lodge a Capital gains tax (CGT) schedule 2005 should use the schedule included at the back of this guide. Part C explains when a schedule must be lodged.

If you have a small business, you should get the publication Guide to capital gains tax concessions for small business (NAT 8384).

Individuals may prefer to use the shorter, simpler Personal investors guide to capital gains tax 2005 (NAT 4152 - 6.2005) if, during 2004 - 05, 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.

This guide does not deal fully with the capital gains tax position of:

• a company that is the head company of a consolidated group - the rules that apply to members of a consolidated group modify the application of the capital gains tax rules. For more information about the consolidation rules, or if you have technical tax enquiries, visit our website or phone the Tax Reform Infoline on 13 24 78
• an individual or entity whose gains or losses are included as part of its income under other provisions of the tax law - for example, from carrying on a business of share trading (see the fact sheet Carrying on a business of share trading , available on our website)
• an individual or entity that is a non-resident of Australia.

Publications and services

To find out how to get a publication referred to in this guide and for information about our other services, see More information .

Unfamiliar terms

Some of the terms used in this guide may be new to you. Specific terms are explained in the Definitions section.

ATO references:
NO NAT 4151