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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.

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News

Authority for super complaints introduced

December 14, 2018

The new Australian Financial Complaints Authority (AFCA) will make it easier for individuals and small businesses to make complaints about their superannuation financial firms.

The Coalition government has responded to criticisms of previous dispute resolution bodies by creating a new financial disputes framework. AFCA has been described as a “one-stop shop” that will improve outcomes for consumers and increase the efficiency of the dispute resolution process.

AFCA’s jurisdiction
AFCA has been given authority over a range of complaint areas including:

What you can make complaints about
Your super complaint to AFCA must adhere to its governing rules. AFCA has specific time limits for complaints but no monetary limits.

You can make complaints about: