September this year marks the 30th anniversary of the introduction of Capital Gains Tax. Capital Gains Tax meant that any gain made on disposal of an asset purchased from 20 September 1985 onwards was now taxable. Clients must keep the records of assets purchased, which includes real estate, shares, managed funds etc to enable the calculation of the tax when the asset is eventually disposed. These records cannot be disposed of until five years after the assessment notice is issued for the year the capital gains are assessed.
When you purchase an asset please forward a copy of the documentation
to us so we can keep it on file as reference for when the asset is disposed.
If you have purchased an asset but have lost the documents also contact us so we can help you get copies of the originals or reconstruct the purchase price. It is better addressing this situation sooner rather than later.
Our client portal (accessed through our website) enables for the storage of such records, so please do not hesitate to contact our office about having your purchased records scanned and stored on the portal for easy access.