Keeping good records can help you manage your tax and super obligations by making sure you have the information you need on hand when preparing your BAS, tax return or other lodgment obligations. 

Well organised records can help you correctly calculate income, deductions and super contributions, reducing the risk of mistakes, penalties or unexpected liabilities. Good record keeping also supports smoother cash flow planning, makes it easier to substantiate claims if the ATO asks, and saves time by avoiding last minute scrambling for documents.

Using online or digital tools can also help simplify your record keeping processes. 

Digital record keeping means that your records are all stored in the same place, making things easy to find and follow up. 

Because many of the functions are automated, mistakes caused by human error tend to be reduced. You’re also less likely to lose receipts and invoices, which can help you save time and money. 

Storing records digitally provides extra protection if your paper records are lost or damaged, such as during a natural disaster. 

When using digital systems and tools, keep your software updated and make sure you back up your records regularly to keep your information safe.

myDeductions tool

If you’re a sole trader, consider using myDeductions, the free record-keeping tool in the ATO app. 

myDeductions allows you to:

• keep records of your business income and expenses including receipts
• upload your records at tax time to make lodging your tax return easier
• share your data with your registered tax professional.