Income Tax Assessment Act 1997
View history note
Hide history noteYou do not need to keep records under section 121-20 if:
(a) for each *CGT event (if any) that has happened such that the records are relevant (or could reasonably be expected to be relevant) to working out whether you have made a *capital gain or *capital loss from the event; and
(b) for each *CGT event that may happen in the future such that the records could reasonably be expected to be relevant to working out whether you might make a *capital gain or *capital loss from the event;
any capital gain or capital loss you made (or might make) from it is to be (or would be) disregarded, except because of a roll-over.
121-30(2)
However, the exceptions in this section do not apply to a *CGT event as a result of which a *capital gain or *capital loss is disregarded under section 855-40 (about capital gains and losses of foreign residents through *fixed trusts).
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