Money Doesn’t Come Without Guidance ...
As an individual taxpayer, you are responsible for the amount you declared or claimed on your tax return as Australian tax system relies on taxpayers’ self-assessment system. Keeping your tax records is important as sometimes you might have to show written evidence against the amounts you have shown in your return. Records are also essential to prepare an accurate tax return and these records will also support the claims that you make in your return.
Time frame for keeping Records
You are required to keep written evidence or records for five years from the date you lodge your tax return or in following situations:
Records you need to keep
The records you need to keep depend on your personal circumstances. If you are not sure, it is better to keep as many records as you can. Your documentation must be in English, unless you incurred the expense outside Australia. Generally, you need to keep the following records:
If your total claim for work-related expenses is $300 or more, 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 you should 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.