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Capital Gains Tax Asset Register
Did you know that you could have someone else, such as a tax agent, maintain your asset register?
An asset register contains all the essential tax information. The advantage to it is that you may dispose of original documents five years after certification.
Pursuant to the substantiation rules, you are generally required to retain records until the end of 5 years after the asset is sold. For example, you hold an investment property for 10 years and then sell it, you will have to keep the records for 15 years.
It is common that the original documents cannot be located after a long period of time. As a result, you will not be able to include these costs in calculating your capital gain at the sale.
For more information, contact Matt Zhou on 02 9957 4033.
Want more tax tips? Follow us @batescosgraveCA
Did you know that you could have someone else, such as a tax agent, maintain your asset register?
An asset register contains all the essential tax information. The advantage to it is that you may dispose of original documents five years after certification.
Pursuant to the substantiation rules, you are generally required to retain records until the end of 5 years after the asset is sold. For example, you hold an investment property for 10 years and then sell it, you will have to keep the records for 15 years.
It is common that the original documents cannot be located after a long period of time. As a result, you will not be able to include these costs in calculating your capital gain at the sale.
For more information, contact Matt Zhou on 02 9957 4033.
Want more tax tips? Follow us @batescosgraveCA
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Disclaimer
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
