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Deferred capital gain tax rollover

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Hi,

One of our client deferred capital gain tax and choose to rollover after two years time. Now after two years, client filled the capital gain tax cap election form and contribute the required amount to super fund account before the tax return been lodged. In the tax return, do we need to fill in anything in question 18 to reflect that the capital gain is crystallising and then mitigated under the small busiess retirement exemption? If so would you please give some roughly idea how should we edit the tax return? Add another CGT event? Thanks so much

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Community Moderator

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Hi @Cindy_Gou

 

Thanks for the question.

 

From what you have advised, it doesn't sound like you will need to provide information about this in the 2020 tax return. This is because it would have been reported in the tax return for the year the capital gain event occurred.

 

For in depth information about completing the capital gains section of your tax return, have a look at our website. The capital gains page of the 2020 individual tax return instructions provides further guidance.

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Most helpful response

Community Moderator

Replies 0

Hi @Cindy_Gou

 

Thanks for the question.

 

From what you have advised, it doesn't sound like you will need to provide information about this in the 2020 tax return. This is because it would have been reported in the tax return for the year the capital gain event occurred.

 

For in depth information about completing the capital gains section of your tax return, have a look at our website. The capital gains page of the 2020 individual tax return instructions provides further guidance.