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 ready if requested by the ATO.

WHY KEEPING

TAX RECORDS IS IMPORTANT

Keeping tax records is important as the ATO operate on a self-assessment system. Meaning you are responsible for proving the amounts claimed on lodged tax returns. Thus, without evidence, your claim will be disallowed.

TABLE OF CONTENTS hide

1 TAX RECORDS IS IMPORTANT

2 HOW TO ORGANISE TAX RECORDS?

3 HOW TO CAPTURE & NAME A FILE?

4 HOW TO STORE TAX RECORDS?

5 HOW TO SHARE ACCESS WITH A TAX AGENT?

6 LODGEMENT DEADLINE 31 OCTOBER

7 FREQUENTLY ASKED QUESTIONS

8 TAX SERVICE AREAS

HOW TO ORGANISE TAX RECORDS?

Here's the step-by-step of how to create main and sub-folders to organise tax files:

Create a MAIN FOLDER on your computer or cloud drive named TAX DOCUMENTS.
Inside it, add subfolders for each fiscal year (e.g. FYE 2025–2026).
Inside each fiscal year folder, create subfolders by income, deductions, capital gains, rental properties and foreign income categories:
- 1. INCOME: PAYG Summary, dividend, interest received summaries etc.
- 2. DEDUCTIONS
- 3. CAPITAL GAINS (LOSS):
  > Automic Share Registry
  > Binance
  > ByBit
  > CommSec
  > CoinBase
  > Koinly, if used for the year.
  > Sold – 300 Caine St, DOCKLANDS VIC 3005.
- 4. RENTAL PROPERTIES: add subfolders per property like the format below, and save all respective income and expenses files into their exact property folder:
  > Property 1 – 100 Adam St, CARLTON VIC 3053.
  > Property 2 – 200 Evaa St, SYDNEY NSW 2000.
  - 5. FOREIGN INCOME: add subfolders per asset class’s property, broker, CEX, DEX etc.
    > Dividend & Interest Income (Foreign)
    > Sold – 400 Abel St, MANHATTAN, NY 10,000, USA.
    > Stocks, EFTs, Options (Foreign)
    > Property
    > Leased – 500 Seth St, BEIJING 10000, CHINA.

BEFORE CREATING FOLDERS

HOW TO CAPTURE & 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 RECORDS?

Physical Binary Folders

You can store paper records physically in a binary folder, separated by financial year and vendor name in alphabetical order.

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 your tax agent.

myDeduction via ATO App

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

HOW TO SHARE ACCESS WITH A TAX AGENT?

OPTION A: INVITE VIA GOOGLE DRIVE (RECOMMENDED)

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 ORGANISE TAX RECORDS?