Here’s our list of 17 tax deductions that taxpayers most commonly ask to claim in their individual tax return. If it’s not legible to the ATO then chances are you won’t be able to claim it. We recommend keeping a digital copy of your receipts. So you do need to store your receipts properly for at least five years. Remember, receipts fade and that’s not an excuse that the ATO will accept. So, you can’t depend on that as your evidence in the event of an ATO audit - it won’t cut it.Įven after you've lodged your tax return for the year, you must keep your records for a minimum of five years. The record that you must be able to show, needs to contain the following details:īank or credit card statements usually won’t contain this information. Records are usually a receipt from the supplier of the goods or services.
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