Capital Gains Tax Asset Register kit

Overview

Have you used your main residence to produce income?

Do you own any other land ***or*** property?

Have you acquired a collectable asset which cost more than $500?

Do you own shares in a company ***or*** units in a unit trust?

If you answered YES to any of the above questions, you are best to keep records including details of acquisitions, disposals, deferred capital amounts, additions, improvements and other expenditure. In most circumstances, you are required to retain such records for 5 years after you dispose of your asset!

You may not sell the asset for 50 years. You may then die and your children keep the asset for another 50 years. Where are the receipts after 100 years when the grandchildren decide to sell.

What happens when you lose the receipts after say 20 years? This is why you need the CGT Asset Register.

Recording your receipts in your CGT Asset Register is the smartest, simplest and safest way of complying with the ATO’s requirements for asset record-keeping.

Your accountant merely, every so often, signs off on the Capital Gains Asset Register to say that he has cited the receipts.

Checklist is not available for this document.

Download the Capital Gains Tax Asset Register kit Sample

Name of Person
• Full Name of Owner? What's that?
• Can a family home be subject to CGT?

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Name of Person

• Full Name of Owner? What's that?

  This CGT Asset Register only works for one taxpayer.
  
  The taxpayer may have many assets that are, in the future, subject to the CGT regime.
  
  That one taxpayer can copy, as many times as he or she needs, the Register.
  
  In other words, once you purchase the CGT Asset Register, that is it. You can use that for any of your assets. If you want a CGT Asset Register for your son then you need to come back to LawCentral.com.au and purchase one for him as well.
  
  If the taxpayer has both a family home and a rental property, then the taxpayer would need to copy the Register twice. One for each asset.
  
  Yes, it is possible to suffer CGT on even part of a pre-1985 family home. It gets worse when you die and the family home may not be then used by your family. To be safe keep a CGT Register for your family home as well.

  This hint is provided by Law Central Legal.

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• Can a family home be subject to CGT?

  I know that Paul Keating in 1985 said that there would be no CGT on your family home. That however, is not necessarily true.
  
  Yes, it is possible to suffer CGT on even part of a pre-1985 family home. It gets worse when you die and the family home may not be then used by your family. To be safe keep a CGT Register for your family home as well.
  

  This hint is provided by Law Central Legal.

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This document has been prepared by the law practice Law Central Legal