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
