Learn how to keep tax records to properly help you and your tax accountant maximize refunds, avoid ATO audits and penalties, and ensures you have written proof of claims ready if requested by the ATO.

WHY KEEPING

TAX RECORDS IS IMPORTANT

It is important to keep tax records as the ATO operate on a self-assessment system. This system legally places the responsible on you to understand tax law, comply with it and have proof for every claim. Without evidence, your claim will be disallowed.

Remember: when you sign your tax declaration, you declare that the information provided is “true and correct“. Thus, your registered tax agent cannot protect you from the ATO’s audit and penalties, if you don’t have the receipts.

TABLE OF CONTENTS hide

1 TAX RECORDS IS IMPORTANT

2 HOW TO KEEP TAX RECORDS?

3 HOW TO CAPTURE AND NAME A FILE?

4 HOW TO STORE TAX RECEIPTS?

5 HOW TO SHARE TAX RECORDS WITH A TAX AGENT?

6 LODGEMENT DEADLINE 31 OCTOBER

7 FREQUENTLY ASKED QUESTIONS

8 TAX SERVICE AREAS

BEING ORGANISED SAVES TIME & MONEY!

HOW TO KEEP TAX RECORDS?

Create a MAIN FOLDER on your computer or Google Drive named 📂 TAX DOCUMENTS.
Inside it, add subfolders for each financial year (e.g., 📂 FYE 2025–2026).
Inside each fiscal year folder, create subfolders by category:
- 📂 1. INCOME: PAYG Summary, dividend, interest received summaries, etc.
- 📂 2. DEDUCTIONS: Work-related expenses like car, uniform, travel, self-education, phone, WFH, tools, interest, dividend, donations, tax agent fees etc.
- 📂 3. CAPITAL GAINS (LOSS): Add sub-folders per asset class (see below), and save all relevant income, expenses and depreciation report etc, into their exact folder.
  - 📂 Automic Share Registry - AUS
  - 📂 Binance
  - 📂 ByBit
  - 📂 ComputerShare - AUS
  - 📂 CommSec
  - 📂 CoinBase
  - 📂 Koinly (if used for the year)
  - 📂 Sold - 300 Caine St, DOCKLANDS VIC 3005
- 📂 4. RENTAL PROPERTIES: Property 1 - 100 Adam St, CARLTON VIC 3053, Property 2 - 200 Evaa St, SYDNEY NSW 2000, etc. Save all respective income and expenses files into their exact property folder.
- 📂 5. FOREIGN INCOME: Add subfolders per asset class property, broker, CEX, DEX, etc.:
  - 📂 Dividend & Interest Income (Foreign)
  - 📂 Leased - 500 Seth St, BEIJING 8000, CHINA
  - 📂 Sold - 400 Abel St, MANHATTAN, NY 1000, USA
  - 📂 Stocks, ETFs, Options (Foreign):
    - 📂 ComputerShare - USA
    - 📂 Charles Schwab - USA
    - 📂 EQ Shareowner Services - USA
    - 📂 Fidelity Investments - USA

BEFORE CREATING FOLDERS

HOW TO CAPTURE AND NAME A FILE?

1. SMART SCANNING APP

Instead of standard photos, use a scanning app (Google Drive app, Apple Notes, or Adobe Scan) to convert receipts to auto-cropped, clear PDFs.

2. USE A CONSISTENT NAMING FORMAT

To format and name a file or document cleanly and consistently for human and computer to read, sort, identify and search, follow the below ISO standard format:

• YYYY-MM-DD Brand & Item Description – Shop Name.
• 2026-06-30 Apple iPhone 18X Pro – JB HiFi

TOOLS TO STORE FILES

HOW TO STORE TAX RECEIPTS?

Physical Binary Folder

You can use a physical binder or suspension folder to store your tax records. Use year tabs to separate them by fiscal year, and file them alphabetically by vendor name.

Save Files in a Master Folder

The easiest way is to scan and save all files in a master folder per financial year on your computer or Google Drive, then email or share them with a tax agent.

myDeduction via ATO App

You can track and photograph receipts and documents on your phone or notebook using the myDeductions tool inside the official ATO app.

HOW TO SHARE TAX RECORDS WITH A TAX AGENT?

1. Cloud Drive

Open Google Drive, right-click the relevant financial year folder (e.g. 📂 FY 2025–26), and select Share.

2. Set their Perimission Level

Viewer - If they only need to read and download files; or Editor - If they need to upload tax returns or organize files directly.

3. Enter your Tax Advisor's Email

Enter your tax accountant's email address, example: info@taxaccountinghouse.au

4. Send Invitation Link

Click Send to deliver the invitation link directly to their email inbox.

OPTION B: ZIP & EMAIL AS ATTACHMENTS (For Small Files)

1. How to Compress or Zip a File?

Right-click the financial year folder and compress it into a single archive (e.g., FYE 2025-26.zip).

2. Attach the Zip File to an Email

Drop the ZIP folder to an email. Ensure the size does not exceed the limit.

3. Email File Limits 20-25 MB

If the file size is larger, use the Google Drive share method in Option A above.

START PROPERTY TAX RETURN NOW

LODGEMENT DEADLINE 31 OCTOBER

FREQUENTLY ASKED QUESTIONS

Below are answers to the most common asked questions associated with tax record keeping in Australia:

How Long to Keep Tax Records

As a general rule, keep tax records for 5 years, though certain assets and situations require longer retention.

Key Record Keeping Timelines

Standard Tax Returns: 5 years from the date you lodge your tax return.
Depreciating Assets: 5 years after claiming the final depreciation (decline in value).
Capital Gains Tax (CGT) Assets: The entire period of ownership + 5 years after selling or disposing of the asset.
Tax Disputes or Reviews: 5 years after the dispute or review is fully finalized.

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How to Keep Tax Records

TAX RECORDS IS IMPORTANT

HOW TO KEEP TAX RECORDS?