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Record Keeping | 2023 Gotax

August 10, 2023

What Record Keeping do I need for my 2023 Income Tax Return?

When it comes to taxes, keeping accurate records is super important. The Australian Taxation Office requires you to have a receipt or similar document for most expenses. This means that you need to keep track of things like the name of the supplier, the amount you spent, what you bought, and when you bought it.

But it’s not just about keeping receipts. There are also specific requirements for certain expenses, like motor vehicles, telephones, home office, electricity, and gas. For example, if you’re claiming motor vehicle expenses, you’ll need to keep track of things like how many kilometres you traveled for business and private use, receipts for fuel and repairs, and details of how you calculated your claim.

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Record Keeping

Working from home? You can claim deductions for things like stationery, energy, and office equipment. Just make sure you’re actually working from home to fulfill your employment duties and that you have records to show that you’re incurring these expenses.

And don’t forget about your mobile phone and internet! If you’re using these for work purposes, you’ll need to keep records to support your claim. This might include diary entries or electronic records to show how much of your usage was work-related.

Now, you might be thinking “what happens if I don’t keep proper records?” Well, let me tell you - it’s not pretty. You could face tough financial penalties which will include the repayment of the tax avoided and up to 200% penalties on top of that.  And trying to claim expenses without a receipt is risky business. The ATO is getting most excellent at matching data from individual tax returns, so it’s best to play it safe and keep those records in order.

Keeping accurate records is super important for individual taxpayers in Australia. It helps make sure that you’re meeting your obligations and avoiding penalties, and it can also help make sure that you’re not paying more tax than necessary. So don’t forget to keep those receipts and records in order!

Use Gotax's Deduction Grabber App to track those expenses and never lose a Tax Deduction again.

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