Bank Statement Checklist for a Tax Return
What the ATO actually expects you to have kept, how long for, and what to do about the gaps that turn up when you go looking.
What actually needs to be kept
Anything that substantiates income or a deduction. For most sole traders and individuals with investment income, that means: bank statements for every account money moved through during the year, credit card statements for any card used for deductible expenses, and the invoices or receipts behind individual transactions above the ATO's low-value threshold.
A bank statement on its own is usually enough evidence for a transaction below that threshold. Above it, the ATO expects a tax invoice as well, not just the line on the statement showing the amount left your account. The two records serve different purposes: the statement shows the money moved, the invoice shows what it was for.
How long to keep it
The general rule is five years from the date you lodge the return the records relate to, not five years from when the transaction happened. A few situations extend this further, most commonly records tied to a capital gains tax event or an asset still being depreciated years after it was purchased. If either applies to you, the five-year clock effectively resets each time the asset or the gain is still relevant to a return.
Digital copies are accepted. There's no requirement to keep paper, and a folder of PDFs or a cloud drive is treated the same as a filing cabinet as far as substantiation goes.
What to do about a missing statement
Account still open
Log into online banking and download the statement again as a PDF. Most banks keep several years of PDF statements available this way, well beyond the shorter window their CSV export usually covers.
Account closed
There's no login to pull statements from. Contact the bank directly and request them. Banks retain records for years after an account closes and can generally provide statements on request, though it may take longer and sometimes carries a fee.
Statement exists, but it's a PDF only
Common once you're outside the bank's CSV export window. The PDF is still valid as a record; it just isn't in a format a spreadsheet or accounting package can use directly without converting it first.
Receipt lost, transaction is on the statement
Below the low-value threshold, the statement line is usually sufficient on its own. Above it, contact the merchant. Most businesses can reissue a digital copy of an invoice on request.
Turning statements into something usable
Having the PDFs is the substantiation requirement met. Getting them into a return, a set of books, or a file for an accountant is a separate job, and it's the one that actually takes time when several years or several accounts are involved.
Converting the PDFs into a spreadsheet
Upload statement PDFs here and get every transaction back as a CSV, date, description, debit, credit and balance. Up to ten statements can be converted at once and merged into a single chronological file, so a full year of one account is two batches rather than twelve separate PDFs to work through by hand. Works with CommBank, ANZ, NAB and the other major Australian banks.
Convert a statement →Frequently asked questions
How long does the ATO expect records to be kept?
Generally five years from the date the return the records relate to was lodged. Records tied to a capital gains event or a depreciating asset can need to be kept longer. Check current ATO guidance for your situation.
Does a bank statement count as a receipt?
Below the ATO's low-value threshold, generally yes. Above it, a tax invoice is required as well. Confirm the current threshold rather than an old figure.
What if I've lost a statement and the account is still open?
Download it again from online banking as a PDF. Most banks keep several years of PDF statements available even once the CSV export window has closed.
What if the account has since closed?
Contact the bank directly. They retain records for years after closure and can generally provide statements on request, sometimes with a fee and a wait.
Related guides
Overdue tax return with several years behind
Working out which years need statements and converting a multi-year backlog
Statements older than your bank's export window
What to do once the CSV export option runs out
EOFY checklist for sole traders
Gathering statements, categorising expenses, and getting a return-ready file together
Bulk bank statement converter
Convert up to ten PDFs at once into one merged CSV