Screen a capital gain for the CGT discount
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the dates and the entity type the lawyer supplies, record whether the asset was owned for at least 12 months before the CGT event, excluding the day of acquisition and the day of the CGT event. Record the CGT event date the lawyer names: the contract date if there is a contract, the sale date if there is no contract, or the compensation or loss date if the asset was lost or destroyed. Record whether the lawyer says the taxpayer is an Australian resident, a trust, a company, or a complying super fund, and which exclusion the lawyer says may apply. Do not apply the discount percentage to a gain, and do not subtract losses.
- What the lawyer must review
- The lawyer decides the CGT event, the ownership period, residency, any exclusion, and whether losses are subtracted before any discount. The lawyer applies the percentage the page states for that entity.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Do not begin AI assistance until the responsible lawyer has defined and confirmed its permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Exclude the acquisition day and the CGT event day from the 12-month count.
- Use the contract date where the lawyer says there is a contract.
- Use 50 per cent for an eligible resident individual or an Australian trust, 33.33 per cent for a complying super fund, and no discount for a company.
- Do not apply a percentage until the lawyer has marked the exclusions. Do not calculate the gain.
Sources
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.