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    Records You Need To Keep For Your Individual Tax Return

    During the financial year you’ll receive documents that are important for doing your tax, such as payment summaries, receipts, invoices and contracts.

    Generally, you need to keep these for five years from when you lodge your tax return in case we ask you to substantiate your claims.

    Records you need to keep include:

    • Payment summaries from payers, including your employer and the Department of Human Services
    • Statements from your bank and other financial institution showing the interest you’ve earned
    • Dividend statements from companies
    • Summaries from managed investment funds
    • Receipts or invoices for equipment or asset purchases and sales
    • Receipts or invoices for expense claims and repairs
    • Contracts
    • Tenant and rental records.

    If your total claim for work-related expenses is more than $300, you must have written evidence to prove your claims.

    If you acquire a capital asset – such as an investment property, shares or managed fund investment – start keeping records immediately because you may have to pay capital gains tax if you sell the asset in the future. Keeping records from the start will ensure you don’t pay more tax than necessary.

    Your documentation must be in English, unless you incurred the expense outside Australia.

    myDeductions Tool

    Are you always on the go? Save time and keep your tax organised with the ATO app’s myDeductions tool.

    myDeductions is a record-keeping tool to make it easier and more convenient for you to keep track of your records all in one place.

    You can upload your completed records to the ATO from the myDeductions tool and pre-fill your myTax return. If you use a registered tax agent, you can share your records diretly with them via email.

    The ATO app’s myDeductions record-keeping tool helps you keep 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.

    Source: https://www.ato.gov.au/Individuals/Income-and-deductions/Records-you-need-to-keep/