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  • How long shall I keep my records for?

    How long shall I keep my records for?

    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.

    What types of records should I keep?

    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: 

    • PAYG payment summaries from your employer or Centrelink
    • Statements or other documentation from your financial institution showing interest amounts
    • Dividend and distribution statements Statements from real estate agents showing rent received and expenses paid
    • Receipts and tax invoices
    • Log books
    • Diaries/cashbooks showing the date, amount and particulars of any expense where a receipt cannot be obtained (eg parking tolls)
    • Statements from Medicare or a private health fund showing medical expenses
    • Documents showing the date you acquired an asset, its cost and any expenditure in relation to the asset. For example; purchase contracts for real estate and dividend reinvestment statements for shares. (Please ensure you keep the purchase and sale documentations until 5 years after the notice of assessment that contained the sale of the asset). 

    If you are not sure what to keep, it is better to keep too many records than not enough.

    Like more information?

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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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    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

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  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.