The way of recording costs incurred for assets to align with ATO cost base rules. The Capital proceeds is the amount of money received as a result of a CGT event. All purchase costs must be recorded in Less costs incurred field.
First, activate the "Capital Gain" via manage section
Via item 18 Capital Gains, select "Add Worksheet"
ie,
The purchase cost was $6,573 50% = $3,286.5
The sale proceeds was $5,841 50%= $2,920.5
Capital loss of ($732) 50%= ($366)
Note: Capital proceeds should be the whole amount as 50% share is auto calculated as "capital proceeds share". Make sure to fill the "Purchase Date"
Note: "Purchase Date" and "Sale Date" are not sent to ATO. Hence, they are not required and currently we use them only to determine discount option.
Learn more from the below:
Other CGT "Owner"
The CGT worksheet for the other owner will automatically populate on his tax form. In this scenario, Cherry Doe's CGT details are copied to Chris Doe's tax form as well.
"Less Cost incurred"/ Cost Base
Work out a cost base of an asset by splitting its costs into 5 elements. Please note that since now Capital proceeds is the amount of money received as a result of a CGT event.
Main residence exemption
You can apply full or partial main residence exemption. In order to apply the exemption use the Less main residence exemption field.
Please note, you have to calculate the exemption amount manually.
Exemption or rollover code
Select multiple exemption or rollover codes directly on a worksheet.
"Fill Capital Gain Manually"
Note: When a user set the dates for the first time it will automatically set 'Choose "Fill Capital Gain Manually"
to NO.
Related Article: Prior Year Net Capital Losses (ITR)