Why records matter more after the 2026 reforms
The 2026 Budget reforms — ring-fencing of negative gearing losses, CGT indexation, and SMSF borrowing changes — all depend heavily on accurate property records. Investors who can demonstrate their cost base, acquisition date, renovation history and depreciation claimed will be in a much stronger position when dealing with their accountant and the ATO.
The essential records checklist
Purchase and acquisition records
- Contract of sale and settlement statement
- Stamp duty and transfer duty receipts
- Legal costs and conveyancing fees
- Date of acquisition (especially if before or after 12 May 2026)
Depreciation and capital works records
- Tax depreciation schedule (Division 40 plant and equipment + Division 43 capital works)
- Records of all capital improvements made during ownership
- Invoices for renovations and additions
- Historical depreciation claims (these reduce your CGT cost base)
CGT cost base records
- All items above
- Records of selling costs (agent's commission, legal fees)
- For properties owned through trusts, companies or SMSFs: entity-specific records
SMSF-specific records
- LRBA loan documents
- Date of borrowing arrangement
- Trust deed and SMSF investment strategy
- Annual property valuations for SMSF compliance
Special situations requiring extra care
- Property bought after 12 May 2026: You need to distinguish whether it is new or established — and keep proof.
- Property being sold: A CGT cost base report compiles all records into one document for your accountant.
- Renovated property: Keep all invoices — these can increase your cost base and reduce your taxable gain.
- Property in a trust or SMSF: Entity-level records matter as well as property-level records.
How Koste can help
Koste prepares tax depreciation schedules, capital works reports and CGT cost base reports for residential and commercial properties. These records support your accountant's tax calculations and help ensure you claim everything you are entitled to.
For the full 2026 Budget context, see our 2026 Property Tax Changes guide.
This article is general information only. Seek advice from your accountant for your specific circumstances.