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