CAPITAL GAINS ALERT
It is a requirement that assets subject to Capital Gains must be recorded in a “Capital Gains Register” and the documentation recording to purchase and additions i.e. additional shares or additions improvements to a property, has to be retained for the period you hold the asset.
Where a registered Tax Agent sights the documentation and signed the “Capital Gains Register” then should the documentation be lost no penalties will apply.
Macarthur’s has now set up a service for clients to maintain a suitable register so as to safeguard the client under capital gains.
This service will provide those clients who have multiple shares in their portfolio to better comply with the law. By recording your dividends that have not been paid but reinvested will allow for lost dividend notices which otherwise cause problems when calculating capital gains.
For more information contact our Management Services Division Manager – Jan