Business record-keeping requirements

Businesses are legally required to keep records of all transactions relating to your tax and superannuation affairs as you start, run, sell, change or close your business. The five rules for record-keeping apply to all records your business needs to keep to meet your tax, superannuation and employer obligations. 

It is imperative that you understand the record-keeping requirements for your business and make it a priority to keep accurate and complete records. By doing so, you can avoid the various penalties that may apply. 

The following tips can help you get it right and are based on the common record-keeping errors that ATO sees. 

You can also use the ATO's record-keeping evaluation tool to find out how well you are currently keeping your business records. 

For more information please visit the ATO website or contact our office. 

The Money Edge | Bundaberg

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