Blog

Money Doesn’t Come Without Guidance ...

WHAT IS STOCKTAKES? WHAT ARE THE ASSETS RECORDS TO BE KEPT FOR CGT PURPOSES?

Awesome Image
24
May

Stocktakes
Stocktaking is the process of counting inventory physically. It is done generally to provide an audit of existing stock. It can also be the source of stock discrepancy information.

Record keeping for CGT purposes
You must keep records of everything that may be relevant to working out whether you have made a capital gain or loss from an asset.
The main CGT records you need to keep are:

  • Receipts for the cost of maintenance, repairs, and modifications; 
  • Details of interest on cash you borrowed relating to this asset; 
  • Receipts of purchase or transfer of an asset’s value, such as the purchase contract;
  • Records of agent, accountant, legal and advertising costs;
  • Receipts for insurance costs, rates, and land taxes;
  • Accounts showing brokerage fees on shares; 
  • Any market valuations.

Records relating to the claim of an expense as deduction also need to be kept. If you have already claimed it as a deduction, then you can’t include it again in the cost base of a CGT asset.


Comments 0

    Currently, there are no comment.

Login to comment

Latest Posts

Popular Post

We provide the fastest, easiest and most effective online tax return solution

trustedsite