Records you need to keep
During the financial year, you’ll receive documents that are important for doing your tax, such as payment summaries, receipts, invoices and contracts.
Tax records need to be kept on hand and in good condition for up to 5 years incase The ATO asks you to substantiate your claims. If you are chosen for an audit, you will need to be able to provide all documentation relating to expenses and deductions from lodged returns. If you are unable to provide this documentation, you may find yourself in a bit of grief with the ATO.
Records you need to keep include:
- PAYG summaries from all employers
- Bank and other financial institution statements which outline bank interest
- Share statements
- Managed investment fund summaries
- Proof of purchase of equipment or assets (invoice or receipt)
- Proof of purchase of repairs or expense claims (invoice or receipt)
- Property Rental related expenses
If the total of your work-related claims exceeds $300, you will need to provide written evidence.