All documents relating to the office of Reeve need to be kept for five years after they are prepared, obtained or the transactions completed, whichever occurs latest and in English or in a form that the ATO can access and understand in order to work out the amount of tax liable. This includes receipts for event expenses, receipt books, cheque book ends, bank statements etc.
However as a lot of receipts are now printed on thermal paper, causing them to fade very quickly, sometimes even within the time it takes to wrap up an event's finances; it is acceptable if you (or the event steward) scan the receipt, so that the value, item/s purchased and date is clear. Once the receipts have been scanned, and stored (with appropriate file name), it is not necessary for you to keep the originals.
The scanned receipts can then be uploaded to your group's Dropbox folder, along with bank statements and any other files you create to manage your finances.
For more information, refer to:
- Taxation Ruling TR 96/7 Income tax: record keeping – section 262A – general principles
- Taxation Ruling TR 2005/9 Income tax: record keeping – electronic records
- Practice Statement Law Administration PS LA 2008/14 – Software system documentation for record keeping purposes.