Do you have to include capital gains from managed fund distributions into Capital Gains and Losses?

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 · Accepted Answer

Bruce4Tax · Answer

If you are referring to this section in the link: Capital gains and managed funds How you complete this section will depend on your circumstances: - If your only capital gains are from a managed fund and, at the Managed fund distributions (https://www.ato.gov.au/myTax23ManagedFunds) section, your share of the current year capital gains is $10,000 or less, you do not need to complete the Capital gains or losses section. - If your only capital gains are from a managed fund and, at the Managed fund distributions (https://www.ato.gov.au/myTax23ManagedFunds) section, your share of the current year capital gains is more than $10,000:    - myTax will prompt you to complete the Capital gains or losses section  - myTax will complete Total current year capital gains and Net capital gain in the Capital gains or losses section from the information shown in the Managed fund distributions section, and - you will need to complete the Capital gains tax schedule - Go to step 5 (https://www.ato.gov.au/Individuals/myTax/2023/In-detail/Capital-gains/#step5) in Completing this section. The above is referring to how data is entered into the tax return - either online, or using tax software. It just means that the correct CGT numbers can be entered, as CGT, in the managed funds screen. The result is that the correct amounts, allowing for discount, go into the right boxes. If total CG is $ 10 K or more, then a CGT schedule needs to be generated.

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