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There are a lot of myths and pub talk going on, that misinforms and potentially harms businesses all around Australia.
In order to deal with this problem in early in 2019, the ATO invited members of the Small Business Stewardship Group (SBSG) to participate in a consultation activity about several issues regarding the structure and content of the ATO website. This included a new business record keeping resource developed for their website. The Record keeping for business resource is now live.
The resource provides a central source of information, covering the core record-keeping requirements for businesses to meet their tax, super and employer obligations.
The ATO has identified common record-keeping problem areas to deliver the following improvements:
- Centralised information to make it quicker and easier to find what you need, all in one place. Which means, keep all your source documents and accounting records in one place like Xero. You can attach any document to any transaction or invoice.
- Expanded, updated and comprehensive information about what is required and how to get it right
- Simplified information to make it easier to understand it and apply it to your situation.
Record keeping continues to be a very important focus area for ATO’s work with businesses.
Businesses are legally required to keep records of all transactions relating to tax and superannuation affairs as you start, run, sell, change or close your business, specifically:
- any documents related to your business’s income and expenses
- any documents containing details of any election, choice, estimate, determination or calculation you make for your business’s tax and super affairs, including how (basis or method) the estimate, determination or calculation was made.
To meet record-keeping requirements and avoid common errors, ensure you understand what records are needed for your own business and make accurate and complete record-keeping practices a part of your daily business activities. As business changes or grows, you may need to review what records you need to keep.
There can be legal and financial consequences if your business doesn’t comply with these record-keeping requirements.