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:
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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
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Safely storing your records in a way that protects them from being changed or damaged
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Keep records for five years
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To be able to show the Tax Office your records if we ask for them
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They must be in English or easily converted to English