It’s one of the more persistent myths about tax: that you need to keep records in paper form. It simply isn’t true.
The Australian Taxation Office (ATO) spells this out very clearly:
Documents that you are required to keep can be in written or electronic form. If you make paper or electronic copies they must be a true and clear reproduction of the original.
So scan with impunity and cut down on paper clutter. (Check out our guide to the best scanners if you want to get started.)
[related title=”TAX WEEK 2014″ tag=”tax-week-2014″ items=”6″]
Reminder: For specific tax advice relating to your individual situation, consult a registered professional.
Scanner picture from Shutterstock
Comments
5 responses to “Yes, Electronic Tax Records Are Fine”
What’s he scanning?
it’s the latest in UV scanning technology
Since I haven’t seen it mentioned here, etax 2014 is available for download and submissions are being accepted as of yesterday.
Is this also true for Businesses, or do they have to keep paper copies.
Thank you!