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  • Keeping records



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

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    Please keep records of both income and expenses relating to your rental property for 5 years from the date you lodge your tax return.

    For capital gains tax purposes you must start keeping records if you purchase or inherit assets, receive an asset as part of a divorce settlement or as a gift, or make improvements to property. You must keep records relating to your ownership and all the costs of assets for 5 years from the date you dispose of them.

    You must keep records which set out in English:

    • the date you acquired the asset
    • the date you disposed of the asset and anything received in exchange
    • any amount that would form part of the cost base of the asset. For more information about cost base, see the publication Guide to capital gains tax

    Do not send these records in with your tax return. Keep them in case the ATO asks to see them.

    Last modified: 28 Jul 2003QC 16187