Regardless of your profession, good record keeping is a vital part of managing your financial affairs. You can only claim a tax deduction in your tax return if you’ve spent money on items or services that directly relate to your income-earning activities – and you have the documentation to prove it!

What do professional athletes need to know about record keeping?

As an elite athlete who may be travelling regularly both in Australia and internationally to compete, keeping track of your tax deductions can be a challenge. You’re focused on your training and performance – so it makes sense to partner with an advisor who can help you stay on top of your tax and financial affairs.

Archers Sports Advisory works exclusively with professional athletes to help them minimise their tax bills and maximise their income. We offer a comprehensive range of legal and wealth management services to help athletes grow and protect their wealth.

Why is good record keeping important?

Not only is it essential to keep records of your income and the tax deductions you plan to claim – your documents must be well ordered and maintained to give a clear view of your income and expenses. An organised, up-to-date approach to record keeping delivers several benefits:

• It’s helpful if the Australian Taxation Office (ATO) decides to review or audit your income tax return.
• It helps to reduce the cost of preparing your tax return as your accountant doesn’t have to spend unnecessary time sorting through your invoices and receipts to determine your deductions.
• You’ll have peace of mind that you’re not missing out on any tax deductions that you’re entitled to.

Thankfully, today’s technology tools mean that record keeping doesn’t have to be a manual, shoebox-based affair! Apps like the ATO’s myDeductions make it simple and convenient to keep your tax deductions and income records in one easily accessible place. You can add to, view, and modify your income and deductions 24/7 from anywhere – and share this information with your financial advisor if you choose. For those athletes who need a more advanced, business function Xero is a powerful online accounting software solution that keeps records tidy and makes compliance a breeze.

At Archer Sports Advisory, we specialise in advising professional athletes across all aspects of financial management. We recognise that sportspeople have unique financial and legal needs and understand the tax rules that apply to Australian athletes. Archer Sports Advisory supports basketball, football, cricket and netball stars with expert tailored advice throughout their sporting careers and beyond.