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Income and deductions
In general, you must keep written evidence of expenses and other deductions for the later of five years from when:
In the case of depreciating assets (for which you can claim the decline in value over the income year not the purchase cost), you must keep written evidence for
But if you are in dispute with us, you must keep your written evidence for the later of five years from when:
However, the following records held by individuals with simple tax affairs only need to be retained for two years:
Example: Keeping records
Linda buys a computer for $4,000 in July 2012. Linda uses her computer for work 60% of the time. She claims 60% of the decline in value on the cost of her computer over four years. Linda's last claim for a deduction for decline in value is on her 2016 tax return which she lodges on 14 October 2016.
Linda must keep her records until 31 October 2021. If at this time she is in a dispute with us that relates to this claim, she must keep her records until the dispute is resolved.
If you need to correct a mistake, you may need to keep the relevant records for a longer period - until the mistake is resolved.
Find out more
Keeping your tax records
If you have lost your records or they have been destroyed:
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