A tornado slides across Oklahoma. Image courtesy NSSL/NOAA. Continued vigilance and quick response to tornado watches and warnings are critical, since tornadoes can strike virtually anywhere at any time. Most tornadoes are abrupt at onset, short-lived and often obscured by rain or darkness.
Most nonprofits and charities must keep books and records for a minimum of six years from the end of the last tax year to which they relate. This retention period will be extended if returns are late-filed or if there is a notice of objection or appeal underway.
If the total amount you are claiming is $300 or less, you do not need to keep receipts, but you must be able to show how you worked out your claims. You need to keep written evidence of your work-related expenses for five years from the due date for lodging your tax return. If you lodge your tax return after the due date, the five years start from the date you lodged your tax return. For a depreciating asset, you must keep records for five years from the date of your last claim for decline in value (depreciation). Last modified: 05 Oct 2016QC 26103.