A common question we receive is: “How long do I need to keep my tax records?”
For many individuals and businesses, the answer is five years.
Why Five Years?
The ATO may review tax returns and supporting documents after lodgement.
Keeping records ensures you can support your claims if requested.
What Should Be Kept?
- Tax returns
- Receipts
- Invoices
- Contracts
- Asset purchase documentation
- Loan records
Digital Storage Is Fine
Electronic copies are generally acceptable provided they:
- Are clear
- Can be reproduced
- Remain accessible
Final Thoughts
Destroying records too soon can create problems later.
When in doubt, keep them longer.
Recent Comments