Tax Deductions Record Keeping

Australian tax Office places a very high emphasis to ensure you have the right records for tax purposes, when lodging and preparing tax returns. Record keeping involves recording transactions, and keeping relevant receipts to substantiate all the expense claims.

Every year a lot of people miss out on claiming a significant number of tax deductions because they failed to keep a proper record of their expenses.

Some of the records that you can keep to ensure you claim all the possible deductions are:

• Invoices for expenses related to income producing activities such as uniform purchase receipt, fuel receipt, purchase of tools, union fees etc.
• Telephone bills if you use your personal phone for work.
• When an asset has been acquired or disposed off (i.e. shares, property, land etc.).
• Any tax deductible gifts, donations and contributions.
• Medical Expenses such as specialists invoices, prescription drugs bills, hearing aid bills etc.
• Details of self-education expenses related to your current occupation.
• Travel and transportation for work purposes including a log book.
• If you are travelling for work purpose, accommodation and meals expenses, train/taxi/bus tickets.
• Parking stubs.
• Toll Invoices for work travel.

If you’re not sure whether or not you should keep a record of something, keep it – you can consult your accountant or tax agent at tax time.

Unsure of what kind of records you should be keeping for your tax return? Give BookSmart Accountants Cranbourne a call today on 1300 300 106 to find out.