A short video on completing the Capital Gains Tax Workpapers can be found here.




Home Page


Enter client's information on the Home page, including the entity type.


Index 


Add the CGT Event, Cost Base and Non Resident Individuals Discount worksheets for each CGT event on the Index page. Ensure the name/description of the CGT event has been entered on the Index page to flow through to each worksheet.


CGT Event, Cost Base and Non Resident Individuals Discount worksheet


Complete the CGT event details section of the CGT Event, Cost Base and Non Resident Individuals Discount worksheet. 


The CGT event description is automatically selected from the name on of the event on the Index page.


Where a capital gain is partially exempt (for example the client is eligible for the partial main residence exemption), enter the % of the capital gain or loss which is subject to capital gains tax in the CGT Event Details section.


Complete the elements of the cost base or reduced cost base in the First element - Fifth element sections of the worksheet as required.



The capital gain/loss for each method will be calculated in the CGT event summary section of the worksheet.



Repeat the above steps on a separate CGT Event, Cost Base and Non Resident Individuals Discount worksheet for each CGT event. Once a worksheet has been completed for all CGT events, the Index page can be completed.


Index


For each CGT event, consider which method will provide the best result and select the chosen method in the Select Method column. Once the method has been selected, click the Refresh Summary button to show the capital gain/loss amount for each CGT event.



Enter any capital gains received from trust distributions and managed funds directly on the Index Page. Any prior years' capital losses are entered in the top row of the Capital Gains Events section and will need to be applied against the corresponding gains on the Index page.



The capital gains discount for individuals and super funds will be calculated automatically. However, any small business concessions will need to be manually entered into the Index page.



Total capital gains/losses and reconciliation of losses are displayed in the Total capital gains & reconciliation of losses section.