Guide to capital gains tax 2020

This version is no longer current. Please follow this link to view the current version.

  • This document has changed over time. View its history.

Introduction

This guide will help you work out whether any of the assets you own or may own in the future, and any events that happen, are subject to CGT. It tells you how to work out your capital gain or capital loss, and what records you need to keep.

Terms used

We may use some terms that are new to you. These words are explained in Definitions . Generally, they are also explained in more detail in the section where they first appear.

While we have sometimes used the word 'bought' rather than 'acquired', you may have acquired an asset subject to CGT (a CGT asset) without paying for it (for example, as a gift or through an inheritance). Similarly we refer to 'selling' when you may have disposed of it in some other way (for example, by giving it away or transferring it to someone else). Whether by sale or by any other means, these disposals are CGT events.

Your tax return

You may have a capital gain or capital loss for 2019-20 whether you are an individual or an entity (company, trust or fund). This guide will help you to complete the capital gains item on your tax return.

Worksheets

The two CGT worksheets provided will help you keep track of your records and make sure you pay no more CGT than necessary.

There is:

You can print out these forms and complete them as you work through the guide.

CGT schedule

If you are a company, trust, attribution managed investment trust (AMIT) or superannuation fund with total capital gains or capital losses of more than $10,000 in 2019-20 or you are a superannuation fund (or pooled superannuation trust) recognising a capital gain in 2019-20 that was deferred in 2016-17 to apply transitional CGT relief, you must complete a Capital gains tax (CGT) schedule 2020 (CGT schedule). Multi-class AMITs must lodge a separate CGT schedule for each class that has total capital gains or losses of more than $10,000. If you entered into an earn out arrangement, which requires an amendment to a prior year's assessment, you should also lodge a schedule. Partnerships and individuals who lodge a paper tax return are not required to lodge a schedule.

See part C for an explanation of the CGT schedule. Part C provides instructions for companies, trusts and funds. Instructions for individuals are in part B of this guide. Yet individuals who have entered into an earn-out arrangement will also have to refer to Item 7 of Step 4 of Part C if they need to make an amendment to a prior year's assessment.

ATO references:
NO NAT 4151

Guide to capital gains tax 2020
  Date: Version:
  1 July 2000 Original document
  1 July 2001 Updated document
  1 July 2002 Updated document
  1 July 2003 Updated document
  1 July 2004 Updated document
  1 July 2005 Updated document
  1 July 2006 Updated document
  1 July 2007 Updated document
  1 July 2008 Updated document
  1 July 2009 Updated document
  1 July 2010 Updated document
  1 July 2011 Updated document
  1 July 2012 Updated document
  1 July 2013 Updated document
  1 July 2014 Updated document
  1 July 2015 Updated document
  1 July 2016 Updated document
  1 July 2017 Updated document
  1 July 2018 Updated document
You are here 1 July 2019 Updated document
  1 July 2020 Updated document
  1 July 2021 Updated document
  1 July 2022 Updated document
  1 July 2023 Current document

Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).