Generally, you should keep records of both income and deductions relating to your share investment for five years from 31 October 2017 or the date you lodge your tax return, whichever is later.
Remember that your investment in shares (or other assets such as instalment receipts) may also give rise to a capital gain when you dispose of them. For CGT purposes, you will need to keep detailed records of any shares or other assets you acquired on or after 20 September 1985 or of any other related transaction. You will need to keep those records for five years after you dispose of the shares or other assets.
You must keep records setting out in English:
- the date you acquired the asset
- any amounts which will form part of the cost base of the asset
- the date you dispose of the asset, and
- the capital proceeds from the sale.
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 may otherwise be required to keep for long periods of time. For more information, see:
- Guide to capital gains tax 2017
- Taxation Ruling TR 2002/10 – Income tax: capital gains tax: asset register.
Keep all the information that a company gives you about your shares. It may be important when calculating your CGT liability after you dispose of them. You must also keep records relating to your ownership of assets for five years from the date you dispose of them.