Records & Archives – Paperless Tax Records

Get the most from your tax return

Being organized throughout the year, means much less stress when it comes to tax time. Not only will it make the whole process simpler, it makes it easier for you to be reimbursed as much as possible!

So, as an Australian business, what documents do you need to keep for tax purposes?

The Australian Tax Office (ATO) asks that business owners keep all documents that are relevant to their income and expenditures. This includes papers which:

Contain “particulars of any election, estimate, determination or calculation made by the person under that Act, and particulars showing the basis for, and the methodology used to derive an estimate, determination or calculation.”
Record “every act, transaction, event or circumstance that can reasonably be expected to be relevant to working out whether they have made a capital gain or capital loss from a capital gains tax (CGT)”

The great news is, the ATO accepts digital storing of records, provided that the electronic copies are a true and clear reproduction of the original paper records.

You can send us your:

Bills and invoices
Employment contracts
Receipts
Important emails and notes

And when it comes around to tax time, they will be online and accessible to you, your tax agent or bookkeeper – even if you’re on holiday or away fro the office!

Help spread the word!