‑1 What this Division is about
This Division is a simplified outline of the capital gains and capital losses provisions, commonly referred to as capital gains tax (CGT). It will help you to understand your current liabilities, and to factor CGT into your on‑going financial affairs. Table of sections 100‑5 Effect of this Division 100‑10 Fundamentals of CGT 100‑15 Overview of Steps 1 and 2 Step 1—Have you made a capital gain or a capital loss? 100‑20 What events attract CGT? 100‑25 What are CGT assets? 100‑30 Does an exception or exemption apply? 100‑33 Can there be a roll‑over? Step 2—Work out the amount of the capital gain or loss 100‑35 What is a capital gain or loss? 100‑40 What factors come into calculating a capital gain or loss? 100‑45 How to calculate the capital gain or loss for most CGT events Step 3—Work out your net capital gain or loss for the income year 100‑50 How to work out your net capital gain or loss 100‑55 How do you comply with CGT? Keeping records for CGT purposes 100‑60 Why keep records? 100‑65 What records? 100‑70 How long you need to keep records
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