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The Australian Taxation Office requires all taxpayers to be able to substantiate the claims in their tax returns. As such, the general rule of thumb is that all records should be kept for five years from the date the notice of assessment was sent to you.
You should keep records of all income received and expenses claimed. The documents you keep to substantiate these claims can be in written or electronic form. Such documents include:
If you are not sure what to keep, it is better to keep too many records than not enough.
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The contents of this article is information only and not offered as advice. No responsibility can be accepted for those who act on its content without first consulting us and obtaining specific advice. Source: Robertson Scannell (www.robertson-scannell.com.au)
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