Are you keeping your receipts for long enough?
An Adelaide operator of a number of massage parlours said he was "too busy and lazy" to keep proper records, and was penalised $43,200 for contraventions of record-keeping and pay slip laws, following legal action by the Fair Work Ombudsman.
The ATO, along with other Government Bodies, requires you to keep records for a minimum of five years. Some of the records required include:
- Invoices and receipts for sales or services provided by your business, or purchased by your business
- Records of payments to employees, including payments to other organisations on their behalf like Superfunds and PAYG tax
- All financial statements, including balance sheets and profit and loss statements
- Tax return information
- Bank accounts, and credit card statements
- Stocktake records, asset registers etc
Speak to your Aspen Corporate Advisor today for advice on the best way to store your business records, including information about the best apps and software options for your business.