Tip #5 Keep your receipts!! The ATO requires you to keep records for a minimum of five years. The records you are required to keep and have accessible upon request are: • Invoices and receipts you provide for sales or services rendered by your business. • Invoices for goods, services or other business acquisitions purchased for your business. • Records of payments made to employees plus other organisations on their behalf like Superannuation funds and PAYG tax. • All financial statements including profit and loss statement and balance sheet. • Tax Return information. • Bank accounts and credit card statements • Stocktakes records at end of financial year and asset register etc. • Anything else with a monetary value to the business You could create digital files on your computer to store this information or keep a well organised filing cabinet.
Posted on: Mon, 08 Dec 2014 01:15:06 +0000
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