Keep Work-related / income generating expense reciepts

Keep you business and income expense receipts

• Paper receipts,
• Paper Invoices
• Electronic Invoices
• Tip: Photograph paper receipt with your phone when you get them as some of them fade
• If in doubt keep it, better to have and be able to throw it away at a later date than not have it and need it.

Records to keep (Paper or electronic)

• A Business/ work journal
• Records to match vehicle expense method
• Any donations over $2 to registered charities
• Capital Expense records
• Capital Investment Records
• Share Certificates
• Dividends – paid/recieved
• Copies of PAYG summaries
• Details of Government Grants
• Business Activity Statements (GST Registered Businesses)
• Bank statements
• Salaries of employees
• Superannuation payments
• Profit/Loss statements
• Foreign currency transactions
• Education expenses
• Work related seminar expenses
• Work related travel expenses
• Cashbooks
• Crypto currency transactions

Group like records

• Keep your accounting costs down by grouping similar items together
• We teach our clients an easy way to keep and organise records
• If running a digitised record keeping system, It’s good to digitise analogue records to integrate with electronic storage
• If running a paper record keeping system, print out a copy digital records

Records to keep for Rental Properties

• Annual statement from property agent (if engaging the services of an agent)
• Date of when property was purchased
• Details of depreciable assets bought or disposed during the year
• Expenses (which are not detailed on the property agent annual statement) incurred, such as water charges, land tax and insurance premiums
• If property is held by more than one individual, details of owners and their legal ownership percentage
• If property was disposed off during the income year, information relating to dates and costs associated with the acquisition and disposal of the property
• Loan statements for property showing interest paid for the income year
• Period that property was rented out during the income year
• Records detailing rental income (if not engaging the services of an agent)
• Records of expenses relating to the property (if not engaging the services of an agent), e.g, Advertising Costs, Body Corporate Fees, Cleaning, Repairs, Gardening, Gas, Insurance, Rates, Office Supplies, Postage, Repairs, Security, Telephone and Travel.
• Quantity Surveyors Report for your properties
• Borrowing Costs/ Refinancing Details & Bank Charges