Join Australia's most dynamic and respected property investment community

Actual documents or are scanned documents ok

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

  1. Johnbrown12

    Johnbrown12 Member

    Joined:
    29th Mar, 2016
    Posts:
    15
    Location:
    Sydney
    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

    Joined:
    13th Sep, 2015
    Posts:
    824
    Location:
    Sydney
    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

    Joined:
    18th Jun, 2015
    Posts:
    10,347
    Location:
    Sydney
    records be be physical documents or electronic copies.
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    6,037
    Location:
    Adelaide, SA
  5. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,726
    Location:
    Sydney
    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. Daniel Taborsky

    Daniel Taborsky Well-Known Member Premium Member

    Joined:
    10th Nov, 2015
    Posts:
    152
    Location:
    Perth, WA
  7. Johnbrown12

    Johnbrown12 Member

    Joined:
    29th Mar, 2016
    Posts:
    15
    Location:
    Sydney
    Thanks all for your help