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  • Keeping records

    Attention

    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

    General

    You should keep records of both income and expenses relating to your rental property.

    Records of rental expenses must be in English, or be readily translatable into English, and include the following details:

    • the name of the supplier
    • the amount of the expense
    • the nature of the goods or services
    • the date the expense was incurred, and
    • the date of the document

    If the document does not show the payment date you can use independent evidence, such as a bank statement, to show the date the expense was incurred.

    You must keep records of your rental income and expenses for five years from 31 October or, if you lodge later, for five years from the date you lodge your tax return. If at the end of this period you are in a dispute with the Tax Office that relates to your rental property, you must keep the relevant records until the dispute is resolved.

    Do not send these records in with your tax return. Keep them in case we ask to see them.

    Capital gains tax

    You must keep records relating to your ownership and all the costs of acquiring and disposing of property for five years from the date you dispose of it.

    You must keep records which set out in English (or be readily accessible or translatable into English):

    • the date you acquired the asset
    • the date you disposed of the asset and anything received in exchange
    • the parties involved, and
    • any amount that would form part of the cost base of the asset and whether you have claimed an income tax deduction for an item of expenditure.

    For more information about cost base and record keeping requirements for capital gains tax purposes, see the publication Guide to capital gains tax 2005-06 (NAT 4151-6.2006).

    Last modified: 28 Feb 2007QC 27741