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CG Tax - Record keeping

Discussion in 'Accounting, Tax & Legal' started by Gonzo, 29th Aug, 2005.

  1. Gonzo

    Gonzo Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    49
    Location:
    Singapore
    Nick, you're Education piece highlights the need for good record keeping.

    A couple of questions:
    a) Must the original recipts/documents be kept or is a diary/ledger/spreadsheet sufficient ?

    b) Can these documents be kept electronically ? i.e. scan all relevent docs to PDF and then save everything to CD/DVD. Will the ATO accept scanned copies ?

    Actually, another question. Would you advise keeping everything sorted by Tax Year or by asset ?
     
  2. NickM

    NickM Co-founder Staff Member

    Joined:
    20th Jun, 2005
    Posts:
    321
    Location:
    Sydney
    Hello Gonzo
    A CGT register is sufficient.
    I prefer to keep the source docs, but good idea to scan and save on CD as well.
    Cannot see why the ATO will not accept a scanned copy.
    I normally file by tax year, but i also create a permanent file when I purchase a property. this file will include all contracts, settlement statements, original loan docs, correspondence etc that relate to the acquisition.

    The ATO site has further info and also a downloadable file which can assist you with record keeping. ( i am yet to look at it)

    http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/026&mfp=001&mnu=5060#001_002_026

    Hope this helps
    NickM