Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_5:p2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 2/6)
Character Range: 292759–295533

*pooled superannuation trust for the income year in which the event happened; and

 (b) one of the conditions in subsection (2) is satisfied.

 (2) The entity must be:

 (a) the trustee of a *complying superannuation fund, a *complying approved deposit fund or a *pooled superannuation trust for the income year in which the *CGT event happened; or

 (b) a *life insurance entity and, just before the event happened, the unit must have been included in a *tax advantaged insurance fund of the entity; or

 (c) a *registered organisation and, just before the event happened, the unit must have been owned by the entity solely for *tax‑advantaged business of the entity.

Division 121—Record keeping

Guide to Division 121

121‑10  What this Division is about

      You must keep records of matters that affect the capital gains and losses you make. You must retain them for 5 years after the last relevant CGT event.

Table of sections

Operative provisions

121‑20 What records you must keep
121‑25 How long you must retain the records
121‑30 Exceptions

[This is the end of the Guide.]

Operative provisions

121‑20  What records you must keep

 (1) You must keep records of every act, transaction, event or circumstance that can reasonably be expected to be relevant to working out whether you have made a *capital gain or *capital loss from a *CGT event. (It does not matter whether the CGT event has already happened or may happen in the future.)

Note: There are exceptions: see section 121‑30.

Example 1: You dispose of a CGT asset. The records that are relevant to working out your capital gain or loss are records of:

                  * the date you acquired the asset;

                  * the date you disposed of it;

                  * each element of its cost base and reduced cost base and the effect of indexation on those elements;

                  * what you sold it for (the capital proceeds).

Example 2: Company A disposes of a CGT asset it acquired from company B (a member of the same wholly‑owned group) where company B obtained a roll‑over under Subdivision 126‑B. In addition to the records mentioned in example 1, company A needs records showing:

                  * the status of the 2 companies as members of the group;

                  * which company is the ultimate holding company in the group;

                  * the cost base and reduced cost base of the asset in the hands of company B just before the roll‑over (because these become company A's cost base and reduced cost base).

Example 3: CGT event G2 (about shifts in share values) happens involving company X and Greg (a controller (for CGT purposes) of company X). Z Nominees Pty Ltd (an associate of Greg's) suffers a material decrease in