Practice, agents and regulation

Record keeping

Record keeping is the legal duty to keep the documents that explain a business's income, expenses and tax positions. The ATO sets out that business records must be kept in English or in a form that can be readily converted to English, and generally kept for a minimum period, which the ATO states on its record-keeping pages and which can be longer for some assets and elections. Records can be paper or electronic, and electronic ones must be kept in a way that can be produced if asked. Records for a client include invoices, bank statements, payroll files and the working papers. A practice should agree with each client who keeps what.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.