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  • Acquiring assets and keeping records

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

    • Timing of acquisition – establish the acquisition date, this is usually when you become the owner of the asset.
    • Record keeping for CGT – you will need to keep records of every transaction, event or circumstance relevant to the asset to work out whether you've made a capital gain or loss.
    • Joint ownership – if you jointly own the asset with others, you need to understand each owners share or interest in the asset.

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

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    Last modified: 28 Apr 2020QC 22148