You can store and keep paper records (or hard copies) digitally. The ATO accepts images of business paper records saved on a digital storage device. This is provided the digital copies are true and clear reproductions of the original paper records and meet the 5 rules for record keeping. 

Once you’ve saved an image of your original paper records, you don’t have to keep the paper records unless a particular law or regulation requires you to. 

However, if you enter information (for example, supplier information, date, amount and GST) from digital or paper records into your accounting software, you still need to keep a copy of the actual record, either digitally or on paper. Some accounting software packages may do both your accounting as well as your record keeping.