Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 121 - Record keeping  

Operative provisions  

SECTION 121-30   Exceptions  

121-30(1)    
You do not need to keep records under section 121-20 if:

(a) for each *CGT event (if any) that has happened such that the records are relevant (or could reasonably be expected to be relevant) to working out whether you have made a *capital gain or *capital loss from the event; and

(b) for each *CGT event that may happen in the future such that the records could reasonably be expected to be relevant to working out whether you might make a *capital gain or *capital loss from the event;

any capital gain or capital loss you made (or might make) from it is to be (or would be) disregarded, except because of a roll-over.

121-30(2)    

However, the exceptions in this section do not apply to a *CGT event as a result of which a *capital gain or *capital loss is disregarded under section 855-40 (about capital gains and losses of foreign residents through *fixed trusts).