What documents do I need to keep for tax purposes?

For tax purposes, it is important to keep certain documents handy. As an individual taxpayer, you should retain records of your income, such as payment summaries, receipts, or invoices from all sources, including salary or wages, investments, and government payments. Additionally, maintain documentation regarding deductions you claim, like receipts for work-related expenses, charitable donations, and medical expenses. For business-related tax obligations, it is necessary to retain records of income and sales, expenses, employee records including payroll, and asset purchases. Keep evidence of tax offsets and rebates, including private health insurance statements. Although electronic copies are acceptable, ensure you maintain these records for a minimum of five years. In case you have concerns about specific documents, consult the Australian Tax Office or seek guidance from a tax professional.