ATO requires all taxpayers who own a business to keep records of all financial transactions entered into during the year. Wherever a taxpayer is required to make a choice, an estimate or a calculation, documented details must be kept. This also includes documentation explaining how your income and expenditure figures were determined. All taxation records must be kept for a minimum period of five years and penalties and interest may apply if you fail to do so.
As the end of the financial year is fast approaching, we’ve put together a checklist of what you’ll need to provide to your accountant:
Courtesy of SBDC
1 Comment
4/1/2018 07:25:19 am
It's the time of the year wherein people from different levels are ready to pay their taxes. It is part of our responsibilities as the citizen of this nation.It's good to know that US doesn't have a huge problem when it comes to taxpayers because almost all people and businesses are all good taxpayers. Unlike in other countries wherein people are hiding every time this time comes. They might not have a right understanding of this matter, and it's about time for them to face their responsibility!
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