According to The Australian newspaper, Aussies are losing out on a whopping $7.3 billion (that's right, billion) in tax rebates due to lost tax receipts. The survey conducted by CBA
found that it was costing 1 in 2 Aussies $1000 ($7.3billion) in total on tax rebates, with men being 3 times as likely to misplace receipts ($5.5billion) than women ($1.8billion).

The reason for this? According to the article this was because men tend to be 'less meticulous' in storing receipts in one place. We're not only losing out on rebates but it's also
costing us time to find misplaced receipts. We apparently spend 2.2hrs looking for receipts to support our tax returns.

So as a nation, we are spending more than 1800 years looking for lost receipts!

With this in mind it is certainly worth while maintaining an organised system to store your receipts for the year to gain the maximum deductions possible come tax time.