CGT small business concessions and contributions to super
CGT cap election form must be provided
To elect for a contribution count towards the lifetime CGT cap, a client must complete a CGT cap election form (an approved form) and give it to the super provider at or before the time the contribution is made.
The ATO has published an approved form NAT 71161. To obtain a copy of ATO form NAT 71161, go to www.ato.gov.au and enter 71161 in the blank search box at the top of the screen.
It is not compulsory to use the ATO version of the form. These notifications can be made to the super fund in various ways and funds may create their own form for their members to use. The ATO form sets out the minimum data requirements.
Failure to provide a valid CGT cap election form at or before the time of a contribution will mean that the contribution cannot count towards the lifetime CGT cap.
Last modified: Thursday, November 15, 2018