Record keeping reminders for EOFY

As we are approaching the end of the financial year, it is a good time to pull together all your tax records, particularly copies of invoices and receipts that can be used to substantiate, and hence maximise, your deductions.

A reminder to clients that you must have written evidence to prove your deduction claims if the total amount is over $300. The record (i.e. an invoice) must prove the full expense amount, not just the amount over $300. If the total is under $300, you don’t need written evidence but you must still be able to show how you calculated the claim, and must have actually incurred the expense.

Please contact our office if you have any questions on the above.