Your capital gains tax cost base consists of the following:
- the original purchase price
- any costs associated with purchasing it
- any costs associated with selling it (e.g. agents’ commissions & legal fees)
- any depreciation you have claimed on the asset
Keeping track of the cost base can be done by maintaining records, which you are legally obliged to do, and using accounting software such as Myob AccountRight to keep track of your expenses associated with the asset.