2021 diary

New Year (sort of) resolutions

We’re on the wrong side of mid-February, so everyone has run out of excuses as to why they haven’t implemented the fresh, new accounting habits they’d promised themselves.

You can find out what sort of shape your record-keeping systems are in by using the record-keeping evaluation tool provided by the Australian Tax Office.

Here’s what they say makes bookkeeping easier:

  • Keeping all records (tax invoices, stocktake records, a list of creditors and debtors, wages records, Superfund contributions) that are relevant to your business’s tax and super affairs

  • Safely storing your records in a way that protects them from being changed or damaged

  • Keep records for five years

  • To be able to show the Tax Office your records if we ask for them

  • They must be in English or easily converted to English

 

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