For assets held less than 12 months, the gain is calculated by deducting cost base from proceeds.

A CGT event happens generally where a CGT asset ends or is disposed of. H2 Receipt for event relating to a CGT asset. The cost base and reduced cost base will continue to be nil. Typically, the amount is a return of capital in the hands of the investor. The Tax Report – Summary reports any CGT E4 or G1 capital gains in the “Capital gains from trust distributions” section as discounted, indexed or other capital gain, as appropriate. These capital gains are known as E4 or G1 capital gains.

For assets held longer than 12 months, any capital gain may be discounted by 50% (individuals) or or 33⅓% (complying super funds).

CGT events G1 and/or C2 happen 9.

The payment can include giving property: see section 103-5.

To determine whether capital gains tax applies in any situation, the CGT rules establish a list of taxable transactions which are called “CGT events”.A capital gain is in many cases intuitively understood as the gain made from the purchase and sale of an asset, and this is perhaps the most common scenario listed as CGT Event A1.There are a number of other less obvious events which trigger the capital gains rules, including such “events” as the alteration of legal rights, a change in residency or a change in the way assets are treated.Thus determining whether there is a CGT tax implication begins by ticking off the CGT Event definitions to see which (if any) could apply.Section numbers corresponding to the CGT events table E10 Annual cost base reduction exceeds cost base of interest in AMITG3 Liquidator or administrator declares shares or financial instruments worthlessI1 Individual or company stops being an Australian residentJ1 Company stops being member of wholly-owned group after roll-overJ2 Change in relation to replacement asset or improved asset after a roll-over under Subdivision 152-EJ4 Trust fails to cease to exist after a roll-over under Subdivision 124-NJ5 Failure to acquire replacement asset and to incur fourth element expenditure after a roll-over under Subdivision 152-EJ6 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gainK1 As the result of an incoming international transfer of a Kyoto unit or an Australian carbon credit unit from your foreign account or your nominee’s foreign account, you start to hold the unit as a registered emissions unitK5 Special capital loss from collectable that has fallen in market valueK7 Balancing adjustment occurs for a depreciating asset that you used for purposes other than taxable purposesK8 Direct value shifts affecting your equity or loan interests in a company or trustK9 Entitlement to receive payment of a carried interestK10 You make a forex realisation gain covered by item 1 of the table in subsection 775-70(1)K11 You make a forex realisation loss covered by item 1 of the table in subsection 775-75(1)L1 Reduction under section 705-57 in tax cost setting amount of assets of entity becoming subsidiary member of consolidated group or MEC groupL2 Amount remaining after step 3A etc.
There are some cases however, where a taxpayer will continue to hold an asset but will derive a capital gain. when the company makes the payment.

of joining allocable cost amount is negativeL3 Tax cost setting amounts for retained cost base assets exceed joining allocable cost amountL4 No reset cost base assets against which to apply excess of net allocable cost amount on joiningL5 Amount remaining after step 4 of leaving allocable cost amount is negativeL6 Error in calculation of tax cost setting amount for joining entity’s assets: CGT event L6L8 Reduction in tax cost setting amount for reset cost base assets on joining cannot be allocatedThe Tax Office provides a practical calculation guide to the determination of CGT for tax return purposes – see links here: The Tax Office has provided the following clarification:The Tax Office has issued the following guidance:  Does CGT event D1 happen if a taxpayer grants an easement, profit à prendre or licence over an asset?The following items are specifically included by the Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492 (MIML) has provided this information in good faith and believes it to be accurate and reliable as at the date of publication.

Typically, the trust will distribute tax deferred or return of capital amounts.

MIML is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and MIML's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Wrap reports E4 and G1 gains resulting in the Tax Report – Detailed in the Excess Assessable Gains (X) section. The information is provided for information only and MIML will not be liable for any losses arising from reliance on this information.

This information is provided for the use of licensed financial advisers only.

Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MIML. You will make a capital gain from CGT event G1 happening if the amount of the reduction of share capital for each GrainCorp share ($ 3.3870) is more than the cost base of the GrainCorp share.

CGT event E4: CGT event G1: just before the end of the income year in which the trustee makes the payment or if another CGT event (except CGT event E4) happens in relation to the investors’ unit or part of it after the trust makes the payment but before the end of that income year— just before the time of that other CGT event. CGT event G1 happened when you were paid an amount by GrainCorp in respect of your GrainCorp shares by way of the in specie transfer to you of UMG shares (section 104-135). CGT event G1 (section 104-135) happened on the Payment Date when Orora paid you the Re turn of Capital on your Orora shares you owned at the Record Date and continued to own at the Payment Date. 8.

G3 Liquidator or administrator declares shares or financial instruments worthless. G1 Capital payment for shares. Section 152.325 at paras 9, 10, and 11 state when the payments are not considered to be dividends.


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