How To Keep Records - Part 3
Generally, you must keep your written evidence for five years from the date you lodge your tax return.
For more information, http://ato.gov.au/individuals/income-and-deductions/in-detail/keeping-your-tax-records/
📌 CENTRELINK - if you are receiving taxable payments from Centrelink, you can download a payment summary in their mobile app 👉 Log-in to your account > More > Statements > Payment Summary (this will be available at the end of the fy. you can also see here income statements and deduction statements if you asked Centrelink to withhold tax on your payment.)
👍 To add a tax deduction in your Centrelink Payment, you can follow this https://www.servicesaustralia.gov.au/individuals/online-help/centrelink/manage-tax-deductions or you can also do it in the mobile app.
For us, what I do is :
👌 Create a folder and name it as "Australia Tax Documentation", subfolders will consist of the financial years i.e. FY2018-2019, FY2019-2020 and so on. Under those years, create folders that consists of your supporting documents for that financial year i.e. payslips, banks (bank statements in PDF), stocks, super etc. Ensure that these documents are properly labelled to easily identify it.
👌 Create an excel and name it as "Tax Worksheet - FYXX". Well this is optional but since we do it DIY, this is very helpful for us.
👌 Sample excel - DOWNLOAD (Excel will be updated to incorporate the changes announced in Budget 2020)
👌 Tax calculator
👌 Preview of what we do