Practice, agents and regulation

Working paper

A working paper is the record a practitioner keeps of the work behind a figure or a lodgment: the source documents used, the calculations made, the questions asked, the judgement calls and the conclusion reached. Good working papers let another person, or the same person later, see how a number was reached and why. They support a response if the ATO queries a return, and they show the practitioner met the Code of Professional Conduct obligation to be competent and keep proper records. There is no single required layout, but the ATO sets out what business records must be kept and for how long, and working papers are part of that file.

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.