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Capital Gains Tax Report

Use this report to show the application of capital gains tax to all asset retirements in the tax year. Capital gains and capital losses that accrued during a tax year for all assets are shown, as well as assets that are not affected by capital gains tax.

Report Parameters

When you request the Capital Gains Tax report, Oracle Assets asks you for the following information:

Book Choose the tax depreciation book required.
From Period Choose first period.
To Period Choose last period.
Category Choose one, or leave blank for all asset categories.
Sort Options Asset Number: The report is sorted by asset number.
Category (with subtotals): The report is sorted by category, then by asset number.
Note: Date Retired and Category Summary are not available with this report.

Column Headings

In this column... Oracle Assets prints...
Asset Number The asset's identification number.
Description The description of the asset.
Category The asset category.
Deemed Date The date the asset was acquired (or deemed acquired) and the date retired. If a deemed date was entered for the asset, then this date is shown as the date acquired; otherwise, the date the asset was placed in service is printed.
Deemed Value The asset's tax depreciable value or deemed value. If a deemed value was entered for the asset, then this value is shown; otherwise, the current cost is printed.
Proceeds The proceeds on the sale of the asset, less the cost of removal.
Incidental Costs The incidental capital gains tax capital costs typically incurred at disposal.
Index Factor The index factor, which Oracle Assets calculates by dividing quarterly index at date of retirement by quarterly index at acquisition or deemed date. If an index factor is not applicable per the CGT provisions, 1.00 is printed in this column.
Indexed Cost Base The indexed cost base, which Oracle Assets calculates by multiplying the deemed value by the index factor, if a gain is made on disposal, plus incidental costs. Oracle Assets prints the deemed value if the proceeds do not exceed the deemed value.
Reduced Cost Base If a loss is made on a DIV-10D building, Oracle Assets prints the deemed value reduced by the capital allowance taken at retirement. Otherwise, zero is shown.
Capital Gain/Loss Indexed Capital gains subject to capital gains tax that involved indexing the cost base.
Capital Gain/Loss Not Indexed Capital gains or losses subject to capital gains tax that did not involve indexing the cost base.
Capital Gain/Loss Non-CGT Gains Non-CGT capital gains that are not subject to CGT from exempt assets or pre-CGT assets.

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