What Receipts Do I Need to Keep for My ABN?

Running an ABN means you’re allowed to claim business expenses — but only if you can prove them.

The ATO doesn’t want essays or explanations. They want evidence. That evidence usually comes in the form of receipts, invoices, or transaction records that show what you spent and why it relates to earning your income.

If you can’t show proof, you generally can’t claim the expense.

What the ATO Expects You to Keep

For ABN holders, you should keep receipts for anything used to earn your business income. This includes expenses you paid for before you earned your first dollar.

Common examples include:

• Tools and equipment

• Software and app subscriptions

• Phone and internet bills

• Fuel and vehicle expenses

• Repairs and maintenance

• Training or course fees

• Website and advertising costs

• Protective clothing and safety gear

If the expense helped you generate income, it usually belongs in your deduction list.

Do Receipts Have to Be Paper?

No.

The ATO accepts:

• Digital receipts

• Photos or scans of receipts

• PDF invoices

• Bank statements (in some cases, as supporting evidence)

You don’t need a shoebox full of paper. A digital record is perfectly acceptable, as long as it clearly shows:

• Who you paid

• The date

• The amount

• What the expense was for

How Long Do You Need to Keep Receipts?

You must keep business records for at least five years after lodging your tax return.

This applies even if:

• Your business stops operating

• Your ABN becomes inactive

• You no longer plan to claim expenses

Deleting records too early can cause problems if the ATO asks questions later.

What If You’ve Lost a Receipt?

If a receipt is missing, all is not necessarily lost.

In many cases, you can reconstruct the expense using:

• Bank statements

• Supplier invoices

• Transaction histories

However, claims without receipts are more likely to be questioned, so keeping records from the start is always safer.

Next Steps for ABN Holders

Keeping receipts doesn’t need to be complicated, but it does need to be consistent. Saving records as you go makes tax time faster and ensures you don’t miss legitimate deductions.

If you’re lodging an ABN tax return and want to claim expenses correctly, you can complete everything through GoTax here:
https://www.gotax.com.au/small-business-tax-return