Nick, you're Education piece highlights the need for good record keeping. A couple of questions: a) Must the original recipts/documents be kept or is a diary/ledger/spreadsheet sufficient ? b) Can these documents be kept electronically ? i.e. scan all relevent docs to PDF and then save everything to CD/DVD. Will the ATO accept scanned copies ? Actually, another question. Would you advise keeping everything sorted by Tax Year or by asset ?
Hello Gonzo A CGT register is sufficient. I prefer to keep the source docs, but good idea to scan and save on CD as well. Cannot see why the ATO will not accept a scanned copy. I normally file by tax year, but i also create a permanent file when I purchase a property. this file will include all contracts, settlement statements, original loan docs, correspondence etc that relate to the acquisition. The ATO site has further info and also a downloadable file which can assist you with record keeping. ( i am yet to look at it) http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/026&mfp=001&mnu=5060#001_002_026 Hope this helps NickM
