How’s your recording keeping in this digital age ?

When it comes to record keeping, there are 5 rules. You need to:

  1. keep all records related to starting, running, changing, and selling or closing your business that are relevant to your tax and super affairs
  2. store records safely to prevent damage and protect information from being changed (you must not change relevant information in records)
  3. keep most records for 5 years (for example, you need to keep records of losses for up to 5 years after you’ve fully claimed the loss)
  4. be able to show the ATO  your records if we ask for them
  5. ensure your records are in English or easily converted to English.

The ATO’s  record keeping evaluation tool only takes 5 to 10 minutes to use and it let you know how well you’re keeping records.

More information here