Reporting asset disposals for CGT

ATO’s data-matching capabilities increase

Close attention being paid to capital gains made on shares, property and cryptocurrency.

Therefore, it’s important to let us know about any asset disposals (which can include an asset’s sale, loss or destruction) and to keep records relating to CGT events, including asset disposals, for at least five years after the year in which the event occurred (and maybe longer if
you make a capital loss).

Good records will also help to work out a capital gain or loss correctly. If you have concerns about your potential level of exposure or recordkeeping practices, contact the team at Omnis Group accountants in Subiaco Perth on 08 9380 3555.

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