Under the Income Tax Assessment Act 1997, owners of CGT assets must keep capital gains tax records for at least 5 years after no further CGT event can happen. Clock starts: no further CGT event can happen.
Records of every act, transaction or event relevant to working out a capital gain or loss.
4 provisions of the Income Tax Assessment Act 1997 apply to these records. Each one is set out below.
The terms
Conditions and exceptions Caution
The 5 years run from when it becomes certain that no CGT event can happen for which the records could be relevant (s 121-25).
From the provisions:
- The Commissioner notifies you that you do not need to retain them
- For a company that has finally ceased to exist
- Only applies to records reasonably expected to be relevant to working out a capital gain or loss from a CGT event
- Exceptions set out in section 121-30 (not reproduced in this provision)
- An entry must have been made in a register in English setting out the information
- The entry must be certified by a registered tax agent or person approved by the Commissioner
The law
Other terms that apply to these records
This page covers capital gains tax records on their own. The same file is often caught by other laws as well, with different periods and start dates. See why a legal term is not a schedule.
3 records. 3 sets of rules. They don't agree.
One business file can hold all of these at once.
Now do that for every record your organisation holds, and redo it when the law changes. ScheduleOne has done that work, and keeps it current.
See ScheduleOne →