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Legal requirement
It is a legal requirement that you keep records relating to your business. That is why it is so important to make sure you have a practical record keeping system in place. By law, the ATO requires you to keep business records:
According to the ATO website, you should “keep records for a longer period if you use information from those records in a later tax return (for example, claiming a loss carried forward from a business activity in an earlier year). The records should be kept until the end of any period of review for that later return. Records relating to assets for capital gains tax purposes may also need to be kept for a longer period.”
You can issue and store records in either electronic or paper form. Once a record keeping system has been set up, it should be a simple process to update records daily. Feel free to contact your accountant if you have any queries about your records.
“There are penalties for not maintaining the required records and for not keeping them for five years” warns the ATO website. “Keeping good records will help you avoid these penalties.”
Other reasons for keeping good records
Some other reasons are cited on the ATO website, such as: