Yes. There is a general opinion that receipts under $50 do not need to be kept, however this is only for GST purposes. For income tax purposes, all receipts must be kept for seven years. There are three very important points to know about receipts:
Thermal receipts fade very quickly when kept in the sun or warm places like a car. So store them out of direct sunlight, ideally locked away in a file.
An EFTPOS printout is not a receipt, it's just an acknowledgement from the supplier’s bank that the transaction has been approved. So make sure you ask for a GST receipt with every purchase.
Bank statements are now acceptable as receipts. Therefore, if required, you can provide these.