Perhaps the most important tip we can give our clients is to keep your receipts. The ATO will be increasing the number of Tax Audits this year so remember to keep your receipts.
It also pays to keep a record of all of your income and expenditure. If you are not sure what records to keep it is always better to keep too many records than not enough.
Always retain your receipts and records for at least 5 years, if you are audited the ATO may also audit you for previous years returns. Both electronic records (computer) and paper records need to be retained for 5 years so remember to always keep this information backed up.
Looking for news instead of tips? Find out the latest Tax News from the Australian Taxation Office for this Financial year.
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