During the financial year you'll receive documents that are important for doing your tax, such as income statements, receipts, invoices and contracts.
Keeping your records
If you claim a deduction, you must have records to show how you calculated your claims. Records are usually a receipt from the supplier of the goods or services. A receipt must show the:
name of the supplier
amount of the expense
nature of the goods or services
date the expense was paid
date of the document.
You need to keep these for three years from when you file your tax return in case the IRS ask you to substantiate your claims.
Examples of records you need to keep include:
statements from your bank and other financial institutions
receipts or invoices for equipment or asset purchases and sales
receipts or invoices for expense claims and repairs
Records you keep don't have to be in paper form. expenseright is a record-keeping tool that makes it easier for you to keep track of your receipts digitally.
You can upload your completed receipts into expenseright.