Get your tax-time records organised

Find out how to get your end-of-financial-year paperwork together for tax time.

The Australian tax system relies on taxpayers self-assessing. This means you are responsible for working out how much you can declare and claim on your tax return.

You also need to be able to show how you arrived at these figures and you may be required to provide written evidence.

Generally, you must keep your written evidence for five years from the date you lodge your tax return, five years after you have claimed a depreciation deduction, and five years after you dispose of an asset that involves a capital gain or loss.¹

The records you need to keep depend on your situation, but as a rule, it is better to keep too many records than not enough.

How to tackle your tax-time paperwork

• You can use the ATO’s myDeductions tool to keep your tax deduction and income records in one place.
• If you are an employee, you can use myDeductions to keep records of your work and general expenses and to make lodging your tax return easier.
• If you are a sole trader, you can use the myDeductions tool to keep records of your income and deductions.
• The tool enables users to record expenses, photograph receipts and log your work-related travel using GPS data.
• It stores all your information in one place and that information can be uploaded into online tax returns at tax time or emailed to your tax agent.

You can use a registered tax agent to prepare and lodge your tax return, they are the only people who can charge a fee.

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1. Australian Taxation Office, Record you need to keep, accessed 28 May 2024, at ato.gov.au
2. Australian Tax Office, Working from home expenses, accessed 28 May 2024, at ato.gov.au