Mastering Record-Keeping for Taxes and Expenses

The purpose of keeping records for tax return claims is to support your claims and provide proof of your income or expenses.

A receipt or similar document for expenses should include the supplier's name, expense amount, goods or services details, purchase date, and document date.

For payments received, records showing the amounts received, such as income statements, payment summaries, or statements from payers, are needed.

<p>There are exceptions in certain circumstances.</p> Signup and view all the answers

<p>Records such as receipts are needed for managing tax affairs, gifts, and donations.</p> Signup and view all the answers

<p>Keeping records is important to support your tax return claims.</p> Signup and view all the answers