You can choose to enter information from your CGT records into an asset register. Keeping an asset register may enable you to discard records that you might otherwise be required to keep for long periods of time.
If you choose to keep an asset register, transfer the following information to it from the records you generally need to keep for CGT purposes:
- the date of acquisition of an asset
- the cost of the asset
- a description, amount and date for each cost associated with the purchase of the asset (for example, stamp duty and legal fees) – other information contained in a record that may be relevant in calculating your CGT obligation
- the date the CGT event happened to the asset, and
- the capital proceeds received when the CGT event happened.
This information must be certified by a registered tax agent or a person approved by the Commissioner of Taxation – for more information on who can approve, see Taxation Ruling TR 2002/10 Income tax: capital gains tax: asset register.
If you use an asset register, you must keep the documents from which you have transferred the information for five years from the date the asset register entry in question has been certified. You must keep the asset register entries for five years from the date the related CGT event happens. Keep the asset register for a longer period if you need to substantiate any carried forward net capital losses – for five years after any CGT event where you have applied any net capital loss against capital gains.
For more information about asset registers, see Taxation Ruling TR 2002/10 Income tax: capital gains tax: asset register.