Hi everyone,
A quick accounting/tax question. Is anyone using CGT Assets Register to track their expenditures for buy and hold IPs so they don't have to hang on to receipts, etc for half a lifetime plus 5 years?
I've just been poking around the ATO web site and found some links from main sections of the web site to a document on CGT Assets Register.
By recording relevant expenses, etc in a CGT Assets Register and having the entries cross-checked by someone qualified, then you only have to hold onto receipts, etc for 5 years from the date the entry was made in the register instead of 5 years past the CG event.
The possible downside to this is that while the main portion of the web site mentions it as if it is legit the actual document implies that it is still not cast in stone tablets.
Any comments?
Hmm.. I tried pasting the direct link, but the forum s/w didn't like it, so select the TR 98/D10 (Finalised) - Income tax: capital gains tax: asset register link from the page below:
http://law.ato.gov.au/atolaw/browse.htm?toc=05:RUL:Taxation:Draft:1998
thanks
raoul
A quick accounting/tax question. Is anyone using CGT Assets Register to track their expenditures for buy and hold IPs so they don't have to hang on to receipts, etc for half a lifetime plus 5 years?
I've just been poking around the ATO web site and found some links from main sections of the web site to a document on CGT Assets Register.
By recording relevant expenses, etc in a CGT Assets Register and having the entries cross-checked by someone qualified, then you only have to hold onto receipts, etc for 5 years from the date the entry was made in the register instead of 5 years past the CG event.
The possible downside to this is that while the main portion of the web site mentions it as if it is legit the actual document implies that it is still not cast in stone tablets.
Any comments?
Hmm.. I tried pasting the direct link, but the forum s/w didn't like it, so select the TR 98/D10 (Finalised) - Income tax: capital gains tax: asset register link from the page below:
http://law.ato.gov.au/atolaw/browse.htm?toc=05:RUL:Taxation:Draft:1998
thanks
raoul
