Personal investors guide to capital gains tax 2002

This version is no longer current.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

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

About this guide

What this guide is designed to do

This guide is designed for you if you are a personal investor who has made a capital gain or capital loss from shares, units or managed funds in 2001-02. It will help you complete item 17 (Capital gains) on your 2002 tax return for individuals (supplementary section) , shown below.

This guide does not apply to gains or losses included as part of your income under other provisions of the tax law - for example, if you are a share trader.

17 Capital gains		You must also print X in the YES box at G if you received a distribution of a capital gain from a trust
Did you have a CGT event during the year?	G     X   NO         YES
Net capital gain			A
Total current year capital gains	H
Net capital losses carried forward to later income years	V

If you sold shares or units in a unit trust (including a managed fund) in 2001-02, you should 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 2001-02, you should 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.

What this guide is not designed to do

This guide does not cover your capital gains tax obligations when you sell other assets such as:

• a rental property
• collectables (for example, jewellery, art, antiques and collections) or
• assets for personal use (for example, a boat you use for recreation).

It also does not cover more complex issues relating to shares and units or to shares and units owned by companies, trusts and superannuation funds. For these, refer to the Guide to capital gains tax .

Handy hint

We may have used some terms that are not familiar to you. The first time these words are used, they are linked to their entry in Explanation of terms .

If you feel this guide does not fully cover your circumstances, please:

• visit our website at < www.ato.gov.au >
• obtain the publication Guide to capital gains tax or You and your shares
• contact the Australian Taxation Office (ATO) or
• seek advice from a professional tax adviser.

Note - Small business concessions

If you are involved in the sale of shares or units in relation to a small business, you may wish to get the publication Capital gains tax concessions for small business .

ATO references:
NO NAT 4152