Activate "Capital Gain" from Financial image
You have 2 methods:
a. Fill the form manually
Via item 18 Capital gains, and fill directly the boxes. Make sure to toggle as "Yes" from the question"Fill capital gain manually?"
b. Granular approach
Using the LodgeiT Detail option, this approach is more flexible as it contains additional details required for automatic calculation, completely follows the ATO instruction and constantly updating on ATO requirements change.
Make sure to toggle "No" from the question"Fill capital gain manually?" , and press "Add Worksheet"
Add the details including costbase and sale of each disposed of capital asset.
Learn more here - WORKSHEET: CAPITAL GAIN TAX
Note that you will have the option to utilise losses manually. If you elect NO, then LodgeiT will automatically apply losses to gain.
The CGT worksheet for the other owner will automatically populate on his tax form. In this scenario, Luisa Doe's CGT details are copied to Chris Doe's tax form as well.
FAQ:
Q: While Distribute Trust income, Capital Gain not reflecting in Beneficiaries Tax Return
A: Net capital gain is not distributed from Beneficiary worksheet. Instead, please create CGT worksheet in one of the individuals and fill it there. Learn more from this guide WORKSHEET: CAPITAL GAIN TAX
Note, the Multiple Trust Distributon figures are for your records purposes only, and only the total goes to the ATO, ie gross Gain and Net Gain
Other Related Article
Capital Gain tax (CGT) schedule - Main residence exemption and Partial Exemption
How to Exempt the Current Year Capital Gain?
Capital losses in the Managed fund section
Trust Capital Gains in Individual Tax Return (ITR)
Capital Gains - Multiple Trust Distributions of Individual Tax Return (ITR)
CGT distribution among investors