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Are your Capital Gains Tax records in order?

Posted on 14 March 2018

Capital Gains Tax is a harsh reality for any investor. It pays to stay on top of record keeping for your capital assets, especially long-term ones. It may seem difficult to keep track of everything now but in twenty years time it will be even more difficult.

Two of the most common capital assets in Australia are shares and property.

Outlined below are examples of the information you may require for capital gains tax purposes.

Shares:

  • Original purchase details, including date of purchase, purchase price and quantity purchased;
  • Details of any share movements including additional purchases, sales, bonus issues, compulsory buy-backs or capital returns;
  • Details of participation in any Dividend Reinvestment Plans ("DRPs") or Bonus Share Plans ("BSP");
  • Information relating to corporate restructures which may affect the cost base of the shares;
  • Details of any tax-free or tax-deferred portion of dividends.

Property:

  • Original Contract for purchase
  • Original settlement statement with date of purchase, settlement amount, stamp duty, etc;
  • Any initial repairs that are carried out on the property;
  • Costs of owning the property such as interest on a mortgage, insurance, repairs, council rates and land tax, as long as these costs are not deductible when they are incurred, i.e. if the property is being rented out;
  • The written down value of any depreciable items or capital works on the property.
For information about the specialized software we use to maintain share records or to obtain a tax depreciation report for your property, please contact our office.
Tags: 2014 Planning Admin Accounting Software Compliance Tax Obligations ATO

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