The ATO can audit at any time, any year

Could you put your hand on a receipt from three years ago to prove a deduction if the ATO asked?

Recently, this happened to a client. The ATO contacted us to do a random audit on an individual tax return from the 2017/2018 financial year.

Even if the deductions do not amount to a lot in value, the individual has to provide all receipts. For example, this could be for workwear, fuel or computer equipment.

We ask all clients to keep receipts for five years, however we know that receipts can get lost, shop receipts can fade over time and it can be a big administrative task if you are asked to provide evidence of deductions from years ago.

Receipt management

We would advise all our clients to use Receipt Bank, a system that automatically converts all your receipts into data making it easy for you to send your tax information straight to us. You simply have to take a photo of the receipt and upload it – this can by via the Receipt Bank app, via email or dropbox. It instantly categorises it, so it is easily searchable and securely stored on the cloud.

  • Save time​ at tax time by keeping your receipts in order
  • Save space​ as there’s no need to retain your physical documents
  • Don’t miss out on a deduction because you can’t find the receipt, take a photo as soon as it is handed to you and upload
  • You can link to telecoms and retail suppliers such as Telstra and Bunnings and your receipt will be automatically linked
  • Never worry about your receipt fading and having to file receipts for 5 years.

We have partnered with Receipt Bank to provide you with an exclusive minimal fee of $15 per YEAR (normally it’s $15 per month). This gives you unlimited receipts and peace of mind.

All you have to do is upload your receipts!

If you’d like to get started submitting information with Receipt Bank, please get in touch on 08 9240 7629 or email us here.

For more information about our GST and BAS services please click here