SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
During the financial year you’ll receive documents that are important for doing your tax, such as payment summaries, receipts, invoices and contracts.
Generally, you need to keep these for 5 years from when you lodge your tax return.
Records you need to keep include:
If your total claim for work-related expenses is $300 or more, you must have written evidence to prove your claims.
If you acquire a capital asset – such as an investment property, shares or managed fund investment – start keeping records immediately because you may have to pay capital gains tax if you sell the asset in the future. Keeping records from the start will ensure you don’t pay more tax than necessary.
Your documentation must be in English, unless you incurred the expense outside Australia.