SMSF trustees will need to keep appropriate records for each asset subject to CGT relief and the deferred tax liability in accordance with the record-keeping requirements. This page provides the recommended reports to maintain for the transitional CGT relief.
Maintain Appropriate Records
SMSF trustees should ensure proper and accurate tax and super records are kept. Upon completion of the CGT Relief Application event and finalising of the period, you should generate and maintain the reports below:
For 2016-2017 Financial Year
|CGT Schedule||This is the approved form to notify the ATO if the CGT relief is chosen and specifies the total relief amount. When lodging the return, the trustee will need to confirm access to the CGT relief provision and report any deferred CGT gain on the CGT schedule.|
|CGT Relief Application Minutes / Resolutions||
This Minute / Resolution documents the trustee's intention in relation to the use of either the segregated or proportionate methods to apply the CGT relief, the actuarial percentage for those funds using the proportionate method and the notional deferred gains at the investment level.
|Unrealised Capital Gains||
This report provides a detailed register of assets to which the CGT relief applies and the breakdown of the notional deferred gains at the parcel level.
You may also generate this report before the CGT relief application event to keep track of the historical parcels and cost base adjustments details.
For 2017-2018 Financial Year onward
For further information on these reports, please refer to Reports section in the user guide.