What Tax Records Do I Need to Keep?

What Tax Records do I need to keep?

We’re sure the prospect of getting some of your hard-earned money back in your pocket after reading our tax deductions blog must be very exciting… but you must be able to prove how you spent the money and how you worked out your tax claims.

If you’re claiming over $300 in tax expenses, you’ll need to keep written evidence for everything you are claiming.

This may include:

• Receipts

• Invoices

• Logbooks (you can find these in your tax return) and;

• Diaries

All documents need to be kept for five years from the date you lodge your tax return. 

Read: Our Ultimate Tax Record Keeping Tips

We suggest taking a photo of your receipts on your phone, emailing them to yourself and saving them in a ‘TAX’ folder, this is so you don’t lose them, and they don’t fade. 

OR.... Download the GoTax Deduction Grabber App, just scan the QR code to go directly to your store..

It’s important that you keep all tax records relating to your tax returns, they are essentially your shield of protection should the tax office pull your name out of a hat for a random audit. The consequences for not providing accurate records can include very expensive penalties and fines, along with having to repay any refunds that may have already been received.

Scared the tax office might catch you out doing it for the first time?