Reviewed 24 October 2026. General information, not tax advice.
Who is this 30 June 2027 checklist for?
Generally, anyone who will still own a business, property, shares or trust units on 30 June 2027, personally or through a family trust.
For individuals and trusts, the 50% capital gains tax (CGT) discount generally stops for the part of a gain that builds up from 1 July 2027. To split the gain, the law treats assets they still hold as sold just before 1 July 2027 and bought back at market value (broadly, what a willing buyer would pay), with some exceptions (ITAA 1997 ss 112-155, 112-165, 115-100). More on what changes on 1 July 2027.
What business records are worth keeping?
Keep what shows how the business stood and traded on 30 June 2027, and how you came to own it.
- Financials: 2026-27 profit and loss, balance sheet and tax return, plus three earlier years.
- Management accounts: monthly through 2026-27, with a stocktake and debts list at 30 June 2027.
- Contracts: customer and supplier contracts in force on the day, and your largest customers' revenue.
- Staff: names, roles, pay and changes in key people.
- Leases: rent, term and renewal options.
- Equipment register: each item's cost, purchase date and condition.
- Share and unit registers, if the business sits in a company or unit trust.
- Plans and offers: budgets, forecasts and any offer to buy, made on or before 30 June 2027.
- Purchase papers: how and when you acquired the business, and the price.
A business is not one CGT asset: its goodwill and business property are, while trading stock and most depreciating assets are dealt with outside CGT (ITAA 1997 ss 108-5, 118-24, 118-25).
What property records are worth keeping?
Keep what shows the property's condition, income and costs on 30 June 2027.
- Condition photos: every room and the outside, dated, close to 30 June 2027, including damage and recent work.
- Leases and rent: the lease in place, rent received in 2026-27 and any vacant periods.
- Improvements and costs: invoices, dates and approvals for renovations or extensions, before and after 1 July 2027.
- Council and strata records: rates notices, levies, strata minutes, building and defect reports.
- Purchase papers: the contract of sale, settlement statement, stamp duty and legal costs.
Your own home: see the home guide.
Why do records made at the time help a later valuation?
Because a 30 June 2027 valuation would be prepared after the date and should rest on what was known, or reasonably foreseeable, on the day.
- For most assets, including real estate, the ATO says the market value just before 1 July 2027 will have to be established when the asset is later sold or another CGT event happens, and that there may be a choice to use the apportioning method instead (ATO). That method is a formula the Minister may make; none had been made at 24 October 2026, so which assets it will cover is not yet settled (ITAA 1997 s 112-185).
- The ATO says a 30 June 2027 valuation shouldn't be obtained before that date, as a valuation can't be forward-looking, and none has to be in place on the day (ATO, 19 October 2026).
- The ATO's market valuation guide lists leaving out information available on the valuation date, and relying on later events that weren't reasonably foreseeable, among common problems (ATO guide).
- The tax law already says to keep records of anything reasonably expected to matter for a capital gain or loss, even on a future sale (ITAA 1997 s 121-20). The ATO says these rules continue for assets held before 1 July 2027, including when you acquired an asset and what you paid, and that it will publish guidance on records for market value before that date (ATO, 13 October 2026).
How should I store the records?
Keep them together, dated and unchanged: one "30 June 2027" folder, PDFs of online reports made at the time, dated notes instead of edits to old files, and a second backup.
Questions people ask
How long should I keep records from around 30 June 2027?
The tax law says to keep capital gains tax (CGT) records until five years after the last CGT event, such as a sale, that they relate to (ITAA 1997 ss 121-10, 121-25). That can be many years after 30 June 2027. Ask your accountant about yours.
Are cost records still useful if the apportioning method is used?
Yes. The apportioning method, a formula the Minister may make instead of using market value, has to take account of spending on the asset from 1 July 2027, so cost records still matter (ITAA 1997 s 112-185). No formula had been made at 24 October 2026.
What if a record from around 30 June 2027 is missing?
Ask your accountant, bank, landlord, strata manager or council for a copy of a missing 30 June 2027 record. Add a new, dated note rather than changing old files. The tax law says missing capital gains tax records may have to be reconstructed (ITAA 1997 s 121-20).
Does the 30 June 2027 checklist cover assets bought before 20 September 1985?
Yes. Assets acquired before 20 September 1985, when capital gains tax began, get their own deemed sale: the law generally treats them as sold just before 1 July 2027 and bought back at market value, resetting their cost base, the cost a later gain is measured from (ITAA 1997 s 112-175).
Another question? Call 03 8375 4177.
