Records You Need to Keep

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

• contracts

expenseright

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.