Question: How long should I keep my tax records and receipts?
Response: From 2004/05 the majority of individual taxpayers are required to keep their records for a period of five years from the time of lodgement.
Some exclusions may apply, such as in the case of a tax dispute with the Commissioner or capital gains tax (in these cases, the five year requirement may be extended).
However, five years from the time you lodged your return is the record-keeping requirement applicable to most Australian taxpayers.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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