Posted on February 28, 2012 by lessismo | 0 Comments
You’d be surprised. The tax department gets so much of your information directly from your employers/bank now that it doesn’t need much.
Take 5 minutes to read http://www.ato.gov.au/individuals/content.aspx?menuid=42740&doc=/content/30327.htm&page=1&H1 and find out how much YOU need to keep.
Refer to the ATO/your accountant for information for your specific situation. I’ve copied some ATO information here as a general guide .
Documents that you are required to keep can be in written or electronic form. If you make paper or electronic copies they must be a true and clear reproduction of the original.
We recommend that if you store your records electronically you make a back-up copy to ensure the evidence is easily accessible if the original becomes inaccessible or unreadable - for example, where a hard drive is corrupted.
Generally, you must keep your written evidence for five years from the date you lodge your tax return, or, if you:
◦ have claimed a deduction for decline in value (formerly known as depreciation) - five years from the date of your last claim for decline in value
◦ acquire or dispose of an asset - five years after it is certain that no capital gains tax (CGT) event can happen, so you know you don't need the records to work out a capital gain or loss
◦ are in dispute with us - the later of five years from the date you lodge your tax return or when the dispute is finalised.
Or 2 years if your income consists only of:
◦ salary or wages (other than from associates)
◦ interest paid by a financial institution or government body
◦ dividends from an Australian company listed on the Australian Stock Exchange (ASX)
(there are further quirks – look at ‘simple tax’ on the ATO website