Record how long a CGT or depreciating-asset record is kept
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the disposal date the lawyer supplies, record the date five years after it, and record that the page says the record is kept while the asset is held and then for those further five years. If the lawyer says the record was used again in a later return, or relates to an assessment that can be amended, record that the page says it is kept until the later period of review ends, without stating a length for that period. If the lawyer says the asset is in a low-value pool or subject to rollover relief, record that the page says different periods apply. Do not destroy the record.
- What the lawyer must review
- The lawyer decides which longer period applies, the disposal date, and the period of review. The lawyer does not treat five years after disposal as enough where the page requires a longer period.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Do not begin AI assistance until the responsible lawyer has defined and confirmed its permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- For a CGT asset or a depreciating asset, record five years after the disposal date and that the record is also kept while the asset is held.
- Do not state a number of years for the period of review.
- If the lawyer says the asset is in a low-value pool or subject to rollover relief, record that different periods apply and do not invent them.
- Leave petroleum resource rent tax and minimum-tax records to the periods the page states, without adding detail from the linked pages.
Sources
- Australian Taxation Office, Records you need to keep for longer than five years, last updated 1 August 2025 · 2026-10-22
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.