How long do I need to keep my records? Why do I need them?
After you lodge your return, you may be required to produce written evidence that everything you declared and claimed on your tax return is truthful and correct. Generally speaking, you should keep written evidence for five years from the date you lodge your tax return. If at the end of these five years you are in a dispute with the ATO, you must keep the relevant records until the dispute is resolved.
You should be sure to keep records related to
- any payments you have received
- any expenses related to payments received
- the acquisition or disposal of an asset, such as shares or rental property
- any tax deductible gifts or donations
- any medical expenses
- the claim of an education tax refund