In Australia, businesses must keep records for at least five years to comply with the Australian Taxation Office (ATO) regulations. These records include invoices, receipts, bank statements, employee details, and tax documents. Some records, such as those related to capital gains tax, superannuation, and employee payments, may need to be kept for longer. Proper record-keeping ensures compliance, simplifies audits, and helps with financial planning. Digital and paper records must be accurate, secure, and easily accessible. Failing to maintain records can lead to penalties and complications during tax time. By understanding these requirements, businesses can stay compliant and organised, reducing stress and ensuring smooth operations while meeting their legal obligations under Australian tax laws.
To read more: https://www.agibookkeeping.com.au/duration-of-keeping-business-records-in-australia/
0コメント