What tax records should you keep?

Click here for more details on your tax return >>>>record keeping.

You should keep records in these main categories:

b any payments you have received
b any expenses related to payments received
b when you have acwuired or disposed of an asset – such as shares or a rental property
b any tax deductible gifts or donations, and
b any medical expenses.

This advice tells you what main types of records you should keep in each of these categories. You may also need to keep records in some other categories, or for other members of your family – for instance if you receive the family tax benefit.

Also, in some cases you may need to estimate items, such as how far you will travel during a financial year. At the end of the year, if you travel more than you estimated, you may need to have kept more records.

So if you’re not sure whether or not to keep a record, you should keep it. You can decide whether you need it at tax return time, and you’re better safe than sorry!

By D Maynard CEO
My TAx Zone

Copyright 2014. My Tax Zone.