The Ultimate Tax Record Keeping Guide

Tax records may not be exciting, but they are very important for making sure you can maximise your tax deductions and avoid issues with the ATO. Let's walk you through what records to keep for your income tax return and the best methods to keep your records organised.

Index

1. Why Keep Tax Records?
2. What Records to Keep
   • Work-Related Purchases
   • Car Usage for Work
   • Other Deductible Expenses
3. How to Organise Your Tax Records
   • Categorising Expenses
   • Storing Receipts Digitally
4. Using the Gotax Deduction Grabber App
5. The End

Why Keep Tax Records?

The ATO is nasty to taxpayers who over-claim their tax deductions. The ATO has the tech that can compare your claims to others in similar occupations and income brackets to spot variances. If your claims are flagged, you must prove their legitimacy with proper documentation. Accurate records help you claim everything you're entitled to and ensure a maximum refund on your online income tax return.

What Records to Keep

Work-Related Purchases

Keep receipts or invoices for any work-related purchases, which may include:

• Uniforms & Protective Gear
• Boots or Non-Slip Shoes
• Sun Protection
• Licenses & Registrations (excluding driver’s license)
• Self-Education Expenses
• Postage, Printing & Stationery
• Computer Equipment
• Union & Professional Memberships
• Mobile Phone Expenses (logbook may be required)
• Tools & Equipment
• Donations
• Work-Related Travel

Car Usage for Work

If you use your car for work, keep detailed records of usage. A motor vehicle log is required to support these tax expenses.

How to Organise Your Tax Records

Categorising Expenses

Super Awesome Tip #1: Categorise your expenses using the categories listed above and total them at the end of the year. For example, if you made three $10 donations, note it as $30 TOTAL.

Storing Receipts Digitally

Super Awesome Tip #2: Paper receipts fade over time. Instead, create a folder in your email account called “TAX”. Take a photo of each receipt, and save to your device. Make sure your device has adequate backup systems.

Using the Gotax Deduction Grabber App

Download the Gotax Deduction Grabber App to track your deductions efficiently. This app helps you:

• Log and categorise expenses
• Store receipts digitally
• Calculate deductions

Scan the QR code to get started with the Gotax Deduction Grabber.

The End

Proper tax record keeping is essential for maximising tax deductions and ensuring a smooth online income tax return process. By following the tips in this guide, you can ensure that your claims are legitimate and that you receive the maximum refund possible.

For personalised advice, consult with a Gotax tax professional who can evaluate your specific circumstances or consult our Gotax Ai.. Phoebe for more general Questions and Answers.

For Great Tax Returns, you need not go any further than Gotax.  Australia's perfect online Tax Return system