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FREQUENTLY ASKED QUESTIONS

Be In The Know

HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?

Businesses are legally required to keep records of all transactions relating to tax and superannuation including those that relate to income and expenses. The ATO advise that most records need to be kept for a minimum of 5 years, however some documents need to be kept for longer.

Refer to the ATO website for retention of documents that relate to:

  • a tax return or document that's corrected or amended

  • information used again in a future return

  • depreciating assets

  • capital gains tax assets

WHAT INFORMATION DO I NEED TO PROVIDE MY BOOKKEEPER?

The information you provide your bookkeeper depends upon the services you require from them. If you want them to record your expenses, you need to provide them with all your receipts and Tax Invoices. If you want them to invoice your customers, you need to provide them with all the information they need to generate those invoices. If you want your bookkeeper to maintain your payroll, you will need to provide them with information that includes the award you employ under, the taxation declaration statements for your employees, the superannuation fund your employees are using. Bookkeepers usually provide bank reconciliation services, and will need copies of bank statements. They can then verify that the bank feed information in your accounting package is accurate.

WHAT IS THE DIFFERENCE BETWEEN A BOOKKEEPER AND AN ACCOUNTANT?

A bookkeeper records historical information, they are recording past events. An accountant analyses the information to help businesses form strategies and make informed decisions.

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