Top Record Keeping Tips for tax time

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April 1, 2021
Desk Paper

It’s back!

Tax season is right around the corner and for many of you, it comes with plenty of frustration and anxiety.  To add to this, there is the whole record keeping aspect. The  ATO state that you must keep your written evidence for five years from the date you lodge your tax return. Talk about a load of paperwork! Yep thats exactly what we’re talking about and we think that’s too much paper floating around the house that Marie Kondo would not approve of!

Here are our top 4 tips, that’s right only 4 which will ease the record keeping process.

1. Email yourself with a subject line ‘Tax – Expense – Fuel’ 

This gives you a peace of mind that you will not lose any paperwork, receipts will not fade and that you are covered should the ATO come knocking on your door. 

You can do one even better and create a folder in your email and set a rule for these messages to jump the inbox and land straight into your Tax Folder 😉  Your future self will thank your past self!

2. Create a photo album on your phone

Similar to emailing yourself, this provides the comfort of throwing out the hardcopy receipts. Just make sure you back up your phone, only downfall here is tax receipts taking up precious phone memory of them #foodselfies.

3. Upload to cloud storage

Don’t want to ‘spam’ your email with tax receipts, we get it, you can always upload them to Dropbox or a Google Drive folder labelled with each tax year and subcategory (your accountant would love this!)

4. Use accounting software apps 

Many of you are using an accounting software, why not maximise its capacity to your liking? Make sure to have the mobile app and each time you make a purchase, upload the invoice and expense transaction.

Need help implementing a record keeping process or learning how to use accounting software, email us at hello@fourtwelve.com.au for friendly and judgement-free advice. We can also be reached here. 

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