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Actual documents or are scanned documents ok

Discussion in 'Accounting & Tax' started by Johnbrown12, 9th May, 2016.

  1. Johnbrown12

    Johnbrown12 Member

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    Hi all,

    Quick question, I have two IPs and am trying to be really careful in keeping all receipts, rental statements etc. The paper is starting to build up and I was wondering whether it is possible to just scan each document and keep them on file that way instead of hard copies which I could then throw after scanning?

    I understand that you have to keep record for 5 or so years? So if need be is supplying scanned documents ok?

    Thanks
     
  2. House

    House Well-Known Member Premium Member

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    I've been told the ATO sees hard copy and scanned as being equal so you should be fine to dispose of the paper after scanning them in.

    Personally I'd keep the hard copies for the 5 years but also soft copies backed up to a physical HD and Le Cloud™
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    records be be physical documents or electronic copies.
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    Electronic is fine.

    The only thing you need in original form is identification.
     
  5. larrylarry

    larrylarry Well-Known Member

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    pursuant to Evidence Act 1995 (NSW), "document":
    document means any record of information, and includes:

    (a) anything on which there is writing; or

    (b) anything on which there are marks, figures, symbols or perforations having a meaning for persons qualified to interpret them; or

    (c) anything from which sounds, images or writings can be reproduced with or without the aid of anything else; or

    (d) a map, plan, drawing or photograph.

    Note: See also clause 8 of Part 2 of this Dictionary on the meaning of document.
     
  6. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    The ATO will accept a scanned document but will also seek evidence of it being paid. They are quite familiar with people who share receipts / invoices. It helps if the payment information is handwritten or available to avoid finding it later. ie date, account paid from and method (Mastercard #3344)
     
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  7. Daniel Taborsky

    Daniel Taborsky Well-Known Member Premium Member

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    With the time period for keeping receipts etc, if the expense goes into the cost base of the property you will need to keep it for 5 years after you dispose of the property (not 5 years after you incurred the expense).
     
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  8. Johnbrown12

    Johnbrown12 Member

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    Thanks all for your help