Reporting asset disposals for CGT

As the ATO's data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency. 

Therefore, it is important that the ATO is informed about any asset disposals (which can include an asset's sale, loss or destruction) and to keep records relating to CGT events, including assets disposals for at least five years after the year in which the event occurred (maybe longer if you make a capital loss). Good records will also help to work out a capital gain or loss correctly. 

The Money Edge | Bundaberg 

Recent Posts