Five Essential Rules for Record Keeping

Accounting, Australian Taxation Office, Taxation

Important tips on record keeping that can help you stay organised and compliant with the Australian Taxation Office (ATO). Here are the five golden rules:

  1. Keep All Records: Make sure to keep every document related to your business transactions. This includes receipts, invoices, bank statements, and any other relevant paperwork.
  2. Don’t Change Your Records: Once you’ve recorded something, don’t alter it. Accurate and unaltered records are crucial for transparency and compliance.
  3. Keep Most Records for Five Years: The ATO requires you to keep most of your records for at least five years. This helps ensure you have everything you need if there’s ever a question about your tax returns.
  4. Show the ATO Your Records if They Ask: If the ATO requests to see your records, you must be able to provide them. Keeping organised records makes this process much easier.
  5. Record in English: All your records should be in English, or easily convertible to English, to meet ATO requirements.

Following these simple rules can save you a lot of hassle and help you stay on top of your business finances. If you have any questions or need assistance with your record keeping, feel free to reach out on 07 5494 9173.  We are here to help!