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  • Acquiring assets and keeping records

    When you acquire a capital gains tax (CGT) asset, you need to:

    • establish your acquisition date – usually this is when you become the owner of the asset (the contract date), but not always
    • start keeping records of every transaction, event or circumstance that may be relevant to working out whether you've made a capital gain or loss.

    If you jointly own the asset with others, you need to understand each owner’s share or interest in it.

    These things will help you work out your capital gain or loss correctly and ensure you don’t pay more CGT than necessary.

    See also:

    Last modified: 17 Jul 2017QC 22148