Enrich Bookkeeping Solutions offers complete bookkeeping solutions for your business. We are a remote bookkeeping practice servicing clients Australia wide.

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As a bookkeeper, I often get asked the question, ‘Do I really need to keep receipts?’

To many of us, keeping receipts for items we want to claim is just annoying. I often get asked, how long do I need to keep receipts and do I really need to??

In Australia taxpayers self-assess and report to the #ATO. We work out what and when we can claim business expenses and report them to the ATO on BAS’s regularly. We can therefore become open to random audits by the ATO.

We must, as business owners, be able to provide receipts for any purchases and income that we claim, for up to 5 years. If you can’t provide a receipt during an audit then you will more than likely have to pay back any refunds you received.

One benefit is that your records can be kept in either paper or digital format.
I recommend storing your receipts digitally, in a program such as Hubdoc.

So the answer is yes we must keep all receipts for 5 years for anything that you claim from the ATO.

Tune into my next video where I will give you some handy tips on some of the tools you can use to keep your receipts with ease.


Bookkeeping Services we offer in the Sunshine Coast:

• GST, BAS Preparation & Lodgement
• Data Entry & Bank Reconciliations
• Accounts Payable & Receiveable
• STP (Single Touch Payroll)
• Weekly, Monthly, Quarterly Accounts Management
• KPI Reporting
• Superannuation
• Debtor Management
• Cash Flow Management
• Software Training
• Financial Reports & Analysis

Hours:
Monday: 8AM–4PM
Tuesday: 8AM–4PM
Wednesday: 8AM–4PM
Thursday: 8AM–4PM
Friday: 8AM–4PM
Saturday: 8AM–12PM
Sunday: Closed

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#keepreceipts #taxclaim #BAS #ATO

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