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:
You may also need to keep the following specific income tax records for each financial year:
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!