Guide to capital gains tax 2007

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More information

Internet

For up-to-date and comprehensive information about deductions and to download publications, rulings and general tax information, visit www.ato.gov.au

Infolines

We can offer a more personalised service if you provide a tax file number.

• Personal tax 13 28 61
  
  Individual income tax and general personal tax enquiries, including capital gains tax
  
  
• Business 13 28 66
  
  General business tax enquiries including capital gains tax
  
  
• Superannuation 13 10 20
  
  
• Fax 13 28 60
  
  Get information faxed to you about individual taxes-phone 13 28 60 and follow the instructions.

Other services

• Translating and Interpreting Service 13 14 50
  
  If you do not speak English well and want to talk to a tax officer, phone the Translating and Interpreting Service for help with your call.
  
  
• National Relay Service 13 36 77
  
  If you have a hearing or speech impairment and use a TTY or modem, phone the National Relay Service. For 1800 free call numbers phone 1800 555 677 and quote the number you require.
  
  
• Speech to Speech Relay Service 1300 555 727
  
  If you have a speech impairment and do not use a TTY or modem, phone the Speech to Speech Relay Service. For 1800 free call numbers phone 1800 555 727 and quote the number you require.

Publications

To get any publication referred to in this guide:

• visit our website at www.ato.gov.au/publications
• phone our Publications Distribution Service on 1300 720 092 , or
• visit one of our shopfronts .

Publications relevant to this guide include:

• Capital allowances schedule instructions 2007 (NAT 4089 6.2007)
  
  
• Capital gains tax (CGT) schedule 2007 (NAT 3423 6.2007)
  
  
• Carrying on a business of share trading
  
  
• Choices you make under capital gains tax
  
  
• Company tax return 2007 (NAT 0656 6.2007)
  
  
• Consolidation reference manual
  
  
• Division 7A - overview
  
  
• Draft Taxation Ruling TR 2004/D25 Income tax: capital gains: meaning of the words 'absolutely entitled to a CGT asset as against the trustee of a trust' as used in Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997
  
  
• Employee share schemes - answers to frequently asked questions by employees
  
  
• Employee share schemes - rollover relief
  
  
• Foreign exchange (forex): acquisition of a CGT asset (NAT 10557)
  
  
• Foreign exchange (forex): acquisition of a CGT asset (election out of 12 month rule) (NAT 10625)
  
  
• Foreign exchange (forex): disposal of CGT asset denominated in foreign currency-incidental costs (election out of 12 month rule) (NAT 10627)
  
  
• Foreign exchange (forex): disposal price of CGT asset denominated in foreign currency (NAT 10628)
  
  
• Foreign exchange (forex): disposal price of CGT asset denominated in foreign currency (election out of 12 month rule) (NAT 10654)
  
  
• Foreign exchange (forex): overview
  
  
• Foreign exchange (forex): the general translation rule (NAT 9339)
  
  
• Foreign income exemption for temporary residents - employee share schemes
  
  
• Forex: the 12 month rule (NAT 9391)
  
  
• Fund income tax and regulatory return 2007 (NAT 0658 6.2007)
  
  
• General value shifting regime: who it affects (NAT 8933)
  
  
• Guide to capital gains tax concessions for small business (NAT 8384 06.2007)
  
  
• Guide to depreciating assets 2007 (NAT 1996 6.2007)
  
  
• Guide to the general value shifting regime (NAT 8366)
  
  
• Personal investors guide to capital gains tax 2007 (NAT 4152 6.2007)
  
  
• Practice Statement Law Administration (General Administration) PS LA 2005/1 (GA) Taxation of capital gains of a trust
  
  
• Practice Statement Law Administration (General Administration) PS LA 2006/1 (GA) Calculating the cost base and reduced cost base of a CGT asset if a taxpayer does not have sufficient information to determine the amount of construction expenditure on the asset for the purpose of working out their entitlement to a deduction under Division 43 of the Income Tax Assessment Act 1997
  
  
• Rental properties 2007 (NAT 1729 6.2007)
  
  
• Shares and securities that become worthless
  
  
• Stapled securities and capital gains tax
  
  
• Tax return for individuals (supplementary section) 2007 (NAT 2679 6.2007)
  
  
• Tax return for retirees 2007 (NAT 2597 6.2007)
  
  
• Taxation Determination TD 2004/3 Income tax: capital gains tax: does an asset 'pass' to a beneficiary of a deceased estate under section 128-20 of the Income Tax Assessment Act 1997 if the beneficiary becomes absolutely entitled to the asset as against the trustee of the estate?
  
  
• Taxation Determination TD 2005/33: Does expenditure - which is a non-capital cost of ownership of a CGT asset - form part of the cost base of the asset, if it is a tax benefit in connection with a scheme to which the general anti-avoidance rules in Part IVA of the Income Tax Assessment Act 1936 apply?
  
  
• Taxation Determination TD 2005/47 Income tax: what do the words 'can deduct' mean in the context of those provisions in Division 110 of the Income Tax Assessment Act 1997 which reduce the cost base or reduced cost base of a CGT asset by amounts you 'have deducted or can deduct', and is there a fixed point in time when this must be determined?
  
  
• Taxation Determination TD 2006/73 Income tax: demergers: in reallocating the cost bases of ownership interests under a demerger, as required by subsection 125-80(2) of the Income Tax Assessment Act 1997, is there more than one method that produces a reasonable apportionment?
  
  
• Taxation Determination TD 2007/2 Income tax: should a taxpayer who has incurred a tax loss or made a net capital loss for an income year retain records relevant to the ascertainment of that loss only for the record retention period prescribed under income tax law?
  
  
• Taxation Ruling TR 92/3 Income tax: whether profits on isolated transactions are income
  
  
• Taxation Ruling TR 95/35 Income tax: capital gains: treatment of compensation receipts
  
  
• Taxation Ruling TR 2002/10 Income tax: capital gains tax: assets register
  
  
• Taxation Ruling TR 2004/18 Income tax: capital gains: application of CGT event K6 (about pre-CGT shares and pre-CGT trust interests) in section 104-230 of the Income Tax Assessment Act 1997
  
  
• Taxation Ruling TR 2005/6 Income tax: lease surrender receipts and payments
  
  
• Taxation Ruling TR 2005/9 Income tax: record keeping - electronic records
  
  
• Taxation Ruling TR 2005/15 Income tax: tax consequences of financial contracts for differences
  
  
• Taxation Ruling TR 2005/23: Income tax: Listed investment companies
  
  
• Taxation Ruling TR 2006/4 Income tax: capital gains: meaning of the words 'the beneficiaries and terms of both trusts are the same' in paragraphs 104-55(5)(b) and 104-60(5)(b) of the Income Tax Assessment Act 1997
  
  
• Taxation Ruling TR 2006/14 Income tax: capital gains tax: consequences of creating life and remainder interests in property and of later events affecting those interests
  
  
• Trust tax return 2007 (NAT 0660 6.2007)
  
  
• Venture capital tax concession: overview
  
  
• Worthless shares and financial instruments relating to a company
  
  
• You and your shares 2007 (NAT 2632 6.2007)
  
  
• Fact sheets for shareholders referred to in appendix 4 (for information on how to get these from our website, see appendix 4 ).

Last Modified: Tuesday, 7 August 2007

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Copyright

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ATO references:
NO NAT 4151