Year End

11.2.2 Year End Processing: Tax Calculation – Capital Gains

When you click the NEXT – CAPITAL GAINS or the CAPITAL GAINS button on the Tax Calculation Step Button Menu, Mclowd will display the capital gains worksheet (as shown below) to enable you to review the taxable capital gains for the year.
Capital Gains Worksheet


NOTE:  If you had any prior year capital losses to be offset, these should have been entered in the Fund Setup process. If they were not entered, go back to the FUND SETUP option and select PRIOR YEAR LOSSES to enter these. They will then display at row G in the Capital Gains worksheet.


If the calculations on the worksheet appear accurate, please click SAVE in the bottom left hand corner of the page. Mclowd will Display a message confirming the data has been saved and will provide buttons to optionally EXPORT TO EXCEL, PRINT or DOWNLOAD AS PDF.

Capital Gains worksheet saved

Click the BACK TO TAX HOME button to proceed to the next step, or click NEXT – SECTION B: INCOME at the bottom right of the screen.

The taxable capital gains figure will be saved against Line A. Net Capital Gains on Section B: Income page of the tax return (see screenshot below).

Capital gains transferred to Taxable Income


 

 

about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding.
Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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