What docs must I keep?

Discussion in 'Legal Issues' started by Valentino, 7th Apr, 2017.

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  1. Valentino

    Valentino Well-Known Member

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    NSW
    Hi,
    What are the critical docs we must keep re property ownership?

    There's piles of letters from the purchase process- which must we keep?

    Suggestions where/how to store them? Bank safe? At home?
    We are preparing our bushfire "flight bag" of all critical docs.
    Ta
     
    Valentino, 7th Apr, 2017
    #1
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    All of them. Scan them into your computer or cloud service
     
    D.T., 7th Apr, 2017
    #2
    wylie, Stoffo and Perthguy like this.
  3. Stoffo

    Stoffo Well-Known Member

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    As per @D.T.
    Keep everything ;)
    For as long as possible, 7-10 years for the ATO
    Or as long as you own the investment:)
    Nothing worse than selling ten years after purchase, then trying to prove all your costs to the ATO to reduce your tax, when you HAVE NO PROOF :confused:
    (I bought an old safe off ebay, formally a GovCo safe, 4 hour min fire rating)
     
    Stoffo, 7th Apr, 2017
    #3
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    DTs suggestion re cloud is best. Onedrive, Googledrive, Dropbox, Box, iCloud are all long term storeage optiosn for scanned PDFs. Well organised it can be done from any device incl a phone. Safes are like buying the Titanic wreck for a cruise. Cloud storage allow access anywhere any day anytime and device anywhere in the world.
     
    Paul@PAS, 7th Apr, 2017
    #4
  5. Yson

    Yson Well-Known Member

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    i am using 2 harddisk to back up all info, just wondering for those who did not back up and harddrive failed, and ATO is asking info to proof, what would happen? Do they accept excuse computer is dead?
     
    Yson, 10th Apr, 2017
    #5
  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Not really - They assume you cant reconstruct details and so you always lose out. Major stuff no issues eg duty, legals etc but then its gets real hard....

    Cloud storage is cheap or even free. The cloud should replicate the drive. I have a 2TB free service (One drive) and a 1TB free service (Google) and both work in real time. Used to use Dropbox but they restricted no fo devices for free service. I have two cloud copies of hard drive (and unlimited NBN I must say). I can login at work too. Or use phone. Or tablet,
     
    Paul@PAS, 10th Apr, 2017
    #6