Short answer
CGT records are not only a tax-time problem; they explain the history of the asset.
Cost base can include more than the original purchase price.
Property, shares, ETFs, and inherited assets often need different evidence.
Practical overview
You want capital gains records ready before a sale, transfer, or tax return forces a scramble.
Ask yourself
Could I prove the cost base and ownership history of this asset without searching old inboxes?
Watch out for
The tax problem is often not the rule itself; it is missing parcel history, property improvement evidence, or ownership notes.
Try this
Pick one property and one share or ETF holding, then gather purchase evidence, adjustment records, income statements, and sale-cost evidence.
Start with the asset story
For Australian investors, CGT record-keeping is really asset history. You need to know when the asset was acquired, how much was paid, what costs were added, what income or deductions affected the record, and what happened when it was sold or transferred.
That history is much easier to maintain while the asset is owned than to reconstruct when a sale, refinance, estate event, or tax return forces the issue.
For shares and ETFs: contract notes, dividend and distribution statements, reinvestment records, corporate actions, and parcel history.
For property: purchase contract, stamp duty, legal fees, selling costs, capital works, depreciation schedules, rental periods, and valuation evidence.
For complex ownership: entity records, trust distributions, inherited asset notes, and advice letters where relevant.
Cost base is where detail matters
A rough purchase price is often not enough. Cost base can be affected by transaction costs, capital improvements, corporate actions, return-of-capital events, and other adjustments.
The point is not to calculate tax inside a wealth dashboard. The point is to keep the source material close enough that an accountant or adviser can calculate it properly when needed.
Keep unrealised gains separate from tax payable
A growing asset may show a large unrealised gain, but that is not the same as an immediate tax bill. In many cases, tax becomes relevant when a CGT event happens, such as a sale or disposal.
Still, a smart wealth view should make potential tax friction visible. A portfolio that looks highly liquid before tax may feel less flexible after transaction costs and tax are considered.
Common questions
Do I need CGT records before I sell?
Yes. Keeping records while you own the asset makes future sale, transfer, tax, and estate questions much easier to answer.
Are broker summaries enough for shares?
They can help, but parcel-level contract notes, dividend records, reinvestment details, and corporate action records are often important.
Should unrealised gains be shown after tax?
A separate estimated-tax view can be useful, but it should be clearly labelled and checked with a professional because tax outcomes depend on personal circumstances.
A calmer way to keep the picture together
WealthScout is being built to connect assets, liabilities, records, and net worth in one private view. These guides explain the thinking behind it.
Join waitlist