• Asset registers

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    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    You can choose to enter information from your capital gains tax records into an asset register. Keeping an asset register may enable you to discard records that you might otherwise be required to keep for long periods of time.

    If you choose to keep an asset register, transfer the following information to it from the normal records you need to keep for capital gains tax purposes:

    • the date of acquisition of an asset
    • the cost of the asset
    • a description, amount and date for each cost associated with the purchase of the asset - these costs may include such things as stamp duty and legal fees
    • other information contained in a record that may be relevant in calculating your capital gains tax liability
    • the date the CGT event happened to the asset
    • the capital proceeds received when the CGT event happened.

    This information must be certified by a registered tax agent or a person approved by the Commissioner.

    If you use an asset register, you must keep the documents from which you have transferred the information for 5 years from the date the asset register entry in question has been certified. You must keep the asset register entries for 5 years from the date the related CGT event happens.

    The publication CGT asset register provides more information on asset registers.

    Last modified: 18 Sep 2009QC 18323