Capital gains tax record keeping



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A superannuation fund must keep records of everything that affects its capital gains and capital losses for at least five years after the relevant CGT event.

If a superannuation fund carries forward a net capital loss, the fund should generally keep records of the CGT event that results in the loss for five years from the year in which the loss was made or four years from the date of assessment for the income year in which the capital loss is fully applied against capital gains, whichever is longer.

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On record keeping for capital gains tax, see the Guide to capital gains tax 2014 and Taxation Determination TD 2007/2 – Income Tax: should a taxpayer who has incurred a tax loss or made a net capital loss for an income year retain records relevant to the ascertainment of that loss for only the record retention period prescribed under the income tax law?

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Last modified: 05 Nov 2014QC 40267