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Shared Ownership Distribution Details

Where ownership of an asset is shared with another return in Tax, a Capital Gains Worksheet is created and attached to that return providing details of the shared asset.

1. Distribution of a Capital Gain to beneficiaries of a trust is performed from the Statement of Distribution in the Trust Return.
2. If the description of CGT assets being shared are the same, make some distinction in the first 20 characters of the description otherwise a previously shared gain will be overwritten in the sharee's return.

Source Data

When Source Data is present on a CGT worksheet it indicates that the return to which this worksheet is attached is the recipient of a share of Capital Gain/Loss from an asset jointly owned with another return. The details of the original sale of the shared asset include:

DescriptionThe name of the shared asset.
PurchasedThe date the asset was acquired and the amount on acquisition.
DisposedThe date the asset was disposed and the proceeds on disposal.

The details of returns having a share in the ownership of the asset are displayed in the Index of Shared Ownership.

The details that must be maintained for each recipient return are:

  • the name on the recipient return,

  • the Tax File Number on the recipient return and

  • the percentage share of capital gain/loss that the recipient return is to receive from the sale of the asset.

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