Best practices for storing records

As we enter the new financial year, it’s crucial to stay organized with your financial records. The Australian Taxation Office (ATO) emphasizes the importance of maintaining accurate and accessible records to ensure you can manage your tax affairs efficiently and claim all the deductions you’re entitled to.

Why Record-Keeping Matters Good record-keeping is essential for managing your tax affairs and can help you avoid last-minute scrambles for documents. With millions of claims processed annually, having your records well-organized can make a significant difference.

Best Practices for Storing Records:

• Paper Records: Store them in a dedicated file or binder.
• Electronic Records: Save them on a computer or cloud storage, and back them up regularly.
• Photographs: Ensure they are clear and legible if using photos of your documents.

Streamline with Technology Consider using tools like the ATO’s myDeductions app to store and manage your receipts electronically. This tool helps keep everything in one place and secures your records for when you need them.

Remember: You need to keep your records for 5 years from the date you lodge your tax return. Planning ahead can help you avoid stress and ensure you’re prepared come tax time.

If you need assistance with organizing your records or have questions about your tax situation, feel free to reach out to us for expert guidance and support.

 

 

 

All information was sourced from ato.gov.au, with the aid of ChatGPT.