CGT Summary workpaper

The CGT Summary is the central workpaper for all capital gains and losses in the individual tax return. It brings in amounts from the other workpapers, applies capital losses, the 50% discount and small business concessions, and calculates the final net capital gain.

Data extraction

The CGT Summary receives capital gains and losses from:

• ATO Prefills

• Trust Income

• CGT Property/Business

• Other CGT Events, entered on this workpaper

Each amount is classified as Discount, Other or Loss.

Other CGT events

For each other CGT event, enter:

• Description

• Purchase date and purchase price

• Sale date and sale price

Gross Gain/(Loss) = Sale Price – Purchase Price

The event is then classified as:

• Loss if the result is negative

• Discount if the asset was held for more than 12 months

• Other if the asset does not qualify for the discount

Capital losses

• Current-year capital losses are added to the loss pool.

• Enter any opening or carried-forward capital losses.

• Losses are applied in the order set by the template. A running balance shows how each loss has been applied.

Discount and concessions

• The 50% general discount is applied to the discounted capital gains that remain after losses.

• Small business CGT concessions can be entered manually.

Net capital gain

The net taxable capital gain is calculated after current-year losses, carried-forward losses, the general discount and small business concessions. It flows to the Capital Gains section of the ITR Summary.

How to access

• Go to Jobs and open the relevant job.

• Click the Workpapers icon or navigate to Job Results then Workpapers.

• Select CGT Summary on the Workpapers Dashboard.