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  • Reporting asset disposals for CGT

    As our data-matching capabilities increase we are paying close attention to capital gains made on shares, property and cryptocurrency.

    Advise your clients to inform you of asset disposals, which can include an asset's sale, loss or destruction. The type of capital gains tax (CGT) event that applies can affect:

    • how a capital gain or loss is calculated
    • when it is included in a net capital gain or loss.

    Good records will help your clients work out a capital gain or loss correctly when they dispose of an asset. Remind your clients they generally need to keep records relating to any CGT event, including asset disposals, for at least five years after the year in which the event occurred.

    Your clients should also keep records for any net capital losses, which they may be able to offset against capital gains in a later year. Once a loss is offset against a capital gain, your clients should keep their records of the CGT event that resulted in the loss for:

    • two years (for individuals and small businesses)
    • four years (for other taxpayers).

    See also:

    Last modified: 01 Oct 2019QC 60214