Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

  (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).