The ATO says:
As the business owner, you are accountable for understanding your record-keeping obligations. If you use a registered tax or BAS agent to manage your records, you still retain primary accountability.
You are legally required to keep records of all transactions relating to your 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.
There are penalties that may apply if you don’t keep or retain your records as required. We take your circumstances, compliance history and behaviour into consideration if we need to make a penalty decision, so ensure you discuss these with us.
We don’t recommend a filing cabinet as the best way to mange and store your records, e-record keeping is quicker, easier and cheaper.
Our favourite app to help out is Reciept Bank – just take a photo with your phone or forward an email – its searchable, can bulk download info and connects to Xero. What’s not to love?
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