Lost or destroyed tax records

Taxpayers are responsible for safely storing a written backup copy of their tax record in case the original electronic form becomes inaccessible or unreadable.

Where the tax records are accidently lost or destroyed from a burglary or fire, the ATO will allow a taxpayer to claim a deduction for certain expenses. The conditions are:

– The taxpayer has a complete copy of a lost or destroyed document.

– The ATO is satisfied that the taxpayer took acceptable precautions to avoid the loss or destruction of the form. If the tax record was a written document, it is not reasonably possible to attain a substitute document.

It is important that taxpayers keep a record of these circumstances and inform the tax office in writing to back up the claim.