RECORDS YOU NEED TO KEEP FOR TAX RETURNS
A record is something that provides evidence of income earned or expenses that have been made.
They can be paper or electronic, including photos of written evidence which must be a true and clear copy of the original.
Any electronic device or app can be used to keep electronic records – regular backing up of these is recommended.
The ATO has a tool called ‘myDeductions’ that can be used to keep track of your records electronically. They recognise documents stored digitally, including photos. You can also email the records directly to us as your tax agent for preparation of your tax return.
This tool allows you to keep your records for:
- All work-related expenses (including car trips)
- Interest and dividend deductions
- Gifts or donations
- Costs of managing tax affairs
- Sole trader expenses and business income
- Other deductions
Other methods that can be used include:
- Spreadsheets
- Diary notes and calendar entries
- Notes in your phone (with as much detail as possible)
All records must be kept for 5 years – whatever format is used.
For further information, please contact our office.