3 Receipt Tracking Rules To Remember This Tax Time

April 8, 2021
Jaala Alex
Time flies when you're having fun... and running a business! Which means the EOFY will be here sooner than we'd all like to acknowledge. To help you, we've made 3 rules to remember when getting your receipts ready for tax time.

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One of the biggest causes of stress for SMEs come tax time is tracking receipts for a BAS submission.

To make sure you have crossed all your t's and dotted your i's, we've broken down 3 simple rules to follow when managing your receipts. This information comes straight from the horse's mouth (the ATO).

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Rule No. 1:

Receipts you need to keep include:
- Equipment or asset purchases and sales
- Expense claims and repairs

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Rule No. 2:

A receipt must show the:

- Name of the supplier
- Amount of the expense
- Nature of the goods or services
- Date the expense was paid and
- Date of the document.

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Rule No. 3:

You need to keep these receipts for five years from when you lodge your tax return, in case the ATO ask you to substantiate your claims.

Don't no one want to be in that situation. Everyone repeat with me: Clean accounting, clean mind. Clean accounting, clean mind...

Note: If you are claiming the cost of a depreciating asset you have used for work, such as a laptop, you must also keep records for five years following your final claim. This includes either:

- Purchase receipts and a depreciation schedule or
- Details of how you calculated your claim for decline in value.

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Don't forget:

Your documents must be in English unless you incurred the expense outside Australia.

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Yes, we know that breaking it down into 3 simple rules doesn't really solve your problem. Paper can receipts fade, wind up in the trash, or get chewed on by a teething baby... life happens.

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It's time to go paperless with Thrive.

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We are excited to give you a sneak peek into our receipt scanning feature. Our team has developed one of the most sophisticated receipt scanning technologies on the market today.

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Our smart tech allows you to scan receipts with your deviceโ€™s inbuilt camera through the Thrive app. In fact, itโ€™s so smart that it will automatically read the merchant details, total cost, and the GST contribution of the transaction. Superย helpful come tax time (you can thank us later ๐Ÿ˜‰).

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And, we didnโ€™t stop there. You can assign receipts to a desired account, category, budget and add tags so you can pull reports on your expenses at any time. ย 

Simple! The way managing your finances should be. ย 

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Want to see this feature in action? Book a product demo with one of the Thrive team members here.

Download the free Thrive 2020 SME Banking, Accounting & Financial Management Report

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