Keeping your tax records

Woman managing the debtWhy is keeping good records for my tax important? so your tax adviser can work at their absolute best to help you complete and lodge your return on time each year.  Once you have a system in place or know what you need to keep, the rest is easy.

Keep written evidence for all your income and expenses.

Why?

  • To ensure you are able to claim all your entitlements
  • It helps your #CATS4Tax agent prepare your tax return, quickly and accurately
  • to provide written evidence of your income and expenses
  • to ensure you are able to claim all your entitlements
  • in case the Tax Office asks you to prove the information you provided in your tax return
  • reduce the risk of tax audits and adjustments
  • improve communication with the Tax Office
  • resolve issues relating to disputed assessments or adjustments
  • avoid exposure to penalties.

Other reasons for keeping good records are to:

  • make best use of your tax adviser at CATS4TAX – rather than paying us to sort through a shoebox of paperwork, give us well-prepared records so we can ensure you get what you are entitled to
  • minimise the cost of managing your tax affairs.

 

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