Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p30
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 30/34)
Character Range: 1735629–1738271

your net capital gain or loss:
see Division 102.

100‑55  How do you comply with CGT?
  Declare any net capital gain as assessable income in your income tax return.
  Defer any net capital loss to the next income year for which you have capital gains that exceed the capital losses for that income year.

Keeping records for CGT purposes

100‑60  Why keep records?
 1. To ensure you do not disadvantage yourself.
 2. To comply as easily as possible.
 3. To plan for your CGT position in future income years.
 4. The law requires you to: see Division 121.

100‑65  What records?
  Keeping full records will make it easier for you to comply. For example, keep records of:
• receipts of purchase or transfer;
• interest on money you borrowed;
• costs of agents, accountants, legal, advertising etc.;
• insurance costs and land rates or taxes;
• any market valuations;
• costs of maintenance, repairs or modifications;
• brokerage on shares;
• legal costs.

100‑70  How long you need to keep records
  The law requires you to keep records for 5 years after a CGT event has happened.

Division 102—Assessable income includes net capital gain

Guide to Division 102

102‑1  What this Division is about
      This Division tells you how to work out if you have made a net capital gain or a net capital loss for the income year. A net capital gain is included in your assessable income. However, you cannot deduct a net capital loss. (Amounts otherwise included in your assessable income do not form part of a net capital gain.)

102‑3  Concessions in working out your net capital gain
 (1) Concessional rules apply to working out the net capital gain of some entities (see subsection (2)) if:
 (a) they have a capital gain (a discount capital gain) from a CGT asset acquired at least 12 months before the CGT event that caused the capital gain; and
 (b) they have not chosen to include indexation in the cost base of the asset for working out the capital gain (if relevant).
Note 1: Division 115 explains what is a discount capital gain.
Note 2: Under Division 110, the entity can choose to include indexation in the cost base of a CGT asset acquired at or before 11.45 am on 21 September 1999.
 (2) Only these entities get the concession:
 (a) individuals;
 (b) complying superannuation entities;
 (c) trusts;
 (d) life insurance companies, in relation to discount capital gains for CGT events in respect of CGT assets that are complying superannuation assets.
Note: Shareholders in a listed investment company can also receive a concession equivalent to a discount capital gain: see Subdivision 115‑D.
 (3) The concession is that the net capital