Question: Why is there no Capital Gain Tax (CGT) schedule in the Partnership Tax Return (PTR)?
Answer: A partnership is not a separate legal entity distinct from its partners. The partnership itself does not own assets. Instead, the assets are owned by the individual partners. Each partner has a beneficial interest in the partnership assets, so any capital gain or loss on the disposal of partnership assets is attributed to the individual partners, not the partnership as a whole.
Regarding the question of where to report this in the Partnership's tax return, it should not be included there. Instead, it must be reported on each partner’s individual tax return. Each partner is responsible for keeping track of their interests in the partnership assets, including details such as acquisition dates, costs, and any changes in ownership. These records are crucial for accurately reporting any capital gains or losses on their personal tax returns.