The Capital Gains Worksheet :

? Decide on whether a capital gain should be calculated using the discount or
indexation method.
? Offset losses against gains – determined by order and amount.
? Transfer the results from the worksheets into the ATO’s CGT Summary.
? Transfer the amount from the CGT Summary into the Main form I at item 17.
? Enter capital losses brought forward (collectables and non-collectables).
? Produce a summary report that lists all gains/losses and a breakdown that

matches the ATO CGT summary format.

Note that HandiTax will apply losses as per the details you have entered. You should still

review the results as individual situations may require a different result.

Entering Capital Losses and Brought Forward amounts

If you have a capital loss amount brought forward from prior years these can be keyed into

item 17 of the Main form I. If you prepared the taxpayer's net capital loss details in the

previous year and rolled the data forward, this amount will now appear under “Net Capital

losses brought forward from prior years – Non-Collectables”.

Where this detail has been rolled forward, you are required to review the amount prior to

passing validation. Check for the split between collectable and non-collectable (HandiTax

assumes that most will be non-collectable – however your specific case may not be – change

as appropriate.)

Entering Capital Gain transaction details

When entering details on individual worksheets you are required to enter a choice of Discount

or Indexation. Note that for assets purchased after 11.45 am on 21 September 1999 there is

no indexation available as the indexation factor is frozen at this point. You should complete

the question with a D.

If an asset has been held for less than 12 months, you should complete the question with an

I.

Entering Capital Gains/Losses without transaction details

Capital Gains/Losses into the Capital Gains Worksheet without

transaction details. This will make data entry easier where you have a taxpayer that has

Capital Gains events in a Managed Fund or Unit Trust, and/or where you may keep the

taxpayer’s data in the form of an Excel spreadsheet or alternate method, and only wish to use

the Capital Gains Worksheet to facilitate the automatic transfer feature to the Capital Gains

Tax Schedule. When completing details for any Gain/Loss without transaction details, enter

the information into the ‘Net Capital Gains – manual entry’ fields within the worksheet;

Note: If you wish to transfer worksheet information to the Capital Gains Tax Schedule, key

the appropriate code in the ‘Use Discount/Indexation?’ field relating to I for Indexation or D

for Discount above, or merely leave blank to transfer to the “Other Capital Gains” Column.

Applying Losses against Gains within the worksheet

It is easy to let HandiTax allocate the available capital losses against any capital gains that

you have made during the year.

► Enter the brought forward losses in the main form.

► Enter your gains and losses in the worksheets.

► In the worksheets that contain a capital gain, complete the final item

o Enter the order that you wish to apply the losses.

o If the total losses is less than the total gains you can enter an amount

to limit the amount of loss to apply against this specific gain. You will

need to apply all the losses, and will receive an error if there are

losses and gains (of the same type) remaining after losses have

been allocated.

o If you do not enter an amount HandiTax will allocate available losses

against this gain provided you enter an order number.

o If you complete the “Application of Losses” item and this sheet shows

a capital loss you will receive a warning message, please correct the

error.

Produces a report which shows a summary of the capital losses and which capital

gains they are allocated against, together with any losses to be carried forward to future

years.

Transferring amounts to the CGT Summary Schedule and the

Main Form I.

If you are required to complete the ATO CGT Summary Schedule, you can transfer the

amounts within the HandiTax worksheets into the appropriate place within the CGT Summary

schedule.

Within the CGT Summary schedule simply answer ‘Y’ to the question “Transfer from Capital

Gains Worksheets”.

The final amounts will transfer into the main form. Simply answer ‘Y’ to Item 17 Label G in the

Main Form I.

Note: For other form types you will need to manually complete the details in the appropriate

main form.

Should you wish to, you are also able to key the relevant details into the schedule/form and

HandiTax will use the amounts that you have entered.

The Capital Gains Worksheet allows the user to:
► Decide on whether a capital gain should be calculated using the discount or
indexation method.
► Offset losses against gains – determined by order and amount.
► Transfer the results from the worksheets into the ATO’s CGT Summary.
► Transfer the amount from the CGT Summary into the Main form I at item 17.
► Enter capital losses brought forward (collectables and non-collectables).
► Produce a summary report that lists all gains/losses and a breakdown that
matches the ATO CGT summary format.
Note that HandiTax will apply losses as per the details you have entered. You should still
review the results as individual situations may require a different result.
Entering Capital Losses and Brought Forward amounts
If you have a capital loss amount brought forward from prior years these can be keyed into
item 17 of the Main form I. If you prepared the taxpayer's net capital loss details in the
previous year and rolled the data forward, this amount will now appear under “Net Capital
losses brought forward from prior years – Non-Collectables”.
Where this detail has been rolled forward, you are required to review the amount prior to
passing validation. Check for the split between collectable and non-collectable (HandiTax
assumes that most will be non-collectable – however your specific case may not be – change
as appropriate.)
Entering Capital Gain transaction details
When entering details on individual worksheets you are required to enter a choice of Discount
or Indexation. Note that for assets purchased after 11.45 am on 21 September 1999 there is
no indexation available as the indexation factor is frozen at this point. You should complete
the question with a D.

If an asset has been held for less than 12 months, you should complete the question with an
I.

Entering Capital Gains/Losses without transaction details
HandiTax allows you to enter Capital Gains/Losses into the Capital Gains Worksheet without
transaction details. This will make data entry easier where you have a taxpayer that has
Capital Gains events in a Managed Fund or Unit Trust, and/or where you may keep the
taxpayer’s data in the form of an Excel spreadsheet or alternate method, and only wish to use
the Capital Gains Worksheet to facilitate the automatic transfer feature to the Capital Gains
Tax Schedule. When completing details for any Gain/Loss without transaction details, enter
the information into the ‘Net Capital Gains – manual entry’ fields within the worksheet;
Note: If you wish to transfer worksheet information to the Capital Gains Tax Schedule, key
the appropriate code in the ‘Use Discount/Indexation?’ field relating to I for Indexation or D
for Discount above, or merely leave blank to transfer to the “Other Capital Gains” Column.
Applying Losses against Gains within the worksheet
It is easy to let HandiTax allocate the available capital losses against any capital gains that
you have made during the year.
► Enter the brought forward losses in the main form.
► Enter your gains and losses in the worksheets.
► In the worksheets that contain a capital gain, complete the final item
o Enter the order that you wish to apply the losses.
o If the total losses is less than the total gains you can enter an amount
to limit the amount of loss to apply against this specific gain. You will
need to apply all the losses, and will receive an error if there are
losses and gains (of the same type) remaining after losses have
been allocated.
o If you do not enter an amount HandiTax will allocate available losses
against this gain provided you enter an order number.
o If you complete the “Application of Losses” item and this sheet shows
a capital loss you will receive a warning message, please correct the
error.

Transferring amounts to the CGT Summary Schedule and the
Main Form I.
If you are required to complete the ATO CGT Summary Schedule, you can transfer the
amounts within the HandiTax worksheets into the appropriate place within the CGT Summary
schedule.
Within the CGT Summary schedule simply answer ‘Y’ to the question “Transfer from Capital
Gains Worksheets”.
The final amounts will transfer into the main form. Simply answer ‘Y’ to Item 17 Label G in the
Main Form I.
Note: For other form types you will need to manually complete the details in the appropriate
main form.
S.