Receipts at tax time?

Have any other of you investors noticed that those receipts that you get from the electronic tills are very similar to fax paper. In that they fade extremely quickly and become immpossible to read.

Obviously this can lead to difficulty compiling your returns at the end of financial year if you can not read them. And if you could the longevity of the print may be in question say in 2 years time if you happened to get a tax audit and need to show receipts for that year claims.

Does anybody no what the legal standing is from tax dept and any ways around it?

I don't have a scanner but this could work for others. In the past I used to write on the receipt in Pen with relevant info eg. date, amount, what for...
 
Hi

The tax office have an official view of scanning receipts and are quite OK with the idea. This view is shown at TR 97/D4 which can be found here:

http://law.ato.gov.au/atolaw/view.htm?find=(%22scanning%22)&docid=DTR/TR97D4/NAT/ATO/00001

Cheers

Dale

Originally posted by whitt
Have any other of you investors noticed that those receipts that you get from the electronic tills are very similar to fax paper. In that they fade extremely quickly and become immpossible to read.

Obviously this can lead to difficulty compiling your returns at the end of financial year if you can not read them. And if you could the longevity of the print may be in question say in 2 years time if you happened to get a tax audit and need to show receipts for that year claims.

Does anybody no what the legal standing is from tax dept and any ways around it?

I don't have a scanner but this could work for others. In the past I used to write on the receipt in Pen with relevant info eg. date, amount, what for...
 
Whitt,
I have often contemplated exactly the same problem. Don't know what the solution is ..or the legal situation. Hopefully, there will be some forumite who can help us. (Something tells, given the generous and undertsanding nature of the ATO ....it's our problem !!)

Our solution , is to always use a credit card ( kept for IP business purposes ) and keep/make notes on the statements as well keep the "fading" dockets. Statements are "normal ink" and do last....at least so far they have.

LL
PS Funny story ...my wife had "lost" a couple of receipts ..they were "found" , the worse for wear, in the bottom regions of her handbag. Trying to do the right thing by the accountant she went to iron them ...they instantly went totally black !
 
Sorry for the shameless plug :)

But the new version of Property Tracker which is in its final stages of testing allows you to capture images from a Scanner to associate with any record you create.. Receipts, Bank Statements, Loan Papers etc etc.. It rocks :)
 
Nice one dunc :)

I know you have been a bit busy of late, but do you have an ETA for the new version ?

Will there be a trial version to download, and if so, will it be locked or time bombed ... I hate locked software, its like test driving a Ferrari in a 40km school zone :(

Cheers

Phil
 
Ok its a pity I don't have a scanner then. How were they kept in years gone by before the arrival of the scanner?
 
Photocopiers perhaps?

Though it's the heat sensitive paper which is the worsat offender, and that's becoming much more common now.
 
Originally posted by Phil_H
Nice one dunc :)

I know you have been a bit busy of late, but do you have an ETA for the new version ?

Will there be a trial version to download, and if so, will it be locked or time bombed ... I hate locked software, its like test driving a Ferrari in a 40km school zone :(

Hi Phil,

Busy is certainly what I have been :) I'm hoping for a release around late January.. this gives me enough time to comprehensively evaluate performance on a wide range of machines and Operating Systems..

Our current plan is have two versions; a free Version (locked to one property and one entity) and the paid-for version which allows unlimited properties and entities.

More info soon..
 
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