Business Tax Deductions - Step 1.
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Information for Business Owners

Business Tax Deductions - Step 1.


Keeping good records
You must keep records of your business transactions for five years after they are prepared, obtained or the transactions completed, whichever occurs later. If you don’t have those records, your expense claim may later be denied or reduced and The ATO may apply penalties.These records include:
  • sales and expense invoices
  • sales and expense receipts
  • cash register tapes
  • credit card statements
  • bank deposit books and cheque butts
  • bank account statements
  • employee records, such as copies of tax file number declarations, wages books, time sheets and superannuation records.
 
You may also need to keep the following specific income tax records for each financial year:
  • motor vehicle expenses, including logbooks
  • debtors and creditors lists
  • records of depreciating assets
  • stocktake records
  • records of any use of any business purchases or assets used for private purposes
  • records of assets for capital gains tax purposes.
 
You can store records in either paper or electronic form. However, all your business records must be readily accessible and available in English.
 
Contact the BASMAN for assistance!
 

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