Hi All - sorry if this has been covered before, I couldn't find it using search...
If I own an asset for greater than 7 years, can the ATO compel me to produce documents showing the purchase price, or can I hide behind the argument of 'only keeping records for 7 years'?
I'm not planning to do this, but am curious as to what record keeping requirements mean to tax liabilities in this case.
Thoughts?
If I own an asset for greater than 7 years, can the ATO compel me to produce documents showing the purchase price, or can I hide behind the argument of 'only keeping records for 7 years'?
I'm not planning to do this, but am curious as to what record keeping requirements mean to tax liabilities in this case.
Thoughts?