Hi Welcome to the October Update
This month we begin a series on good record-keeping
Key upcoming Dates
14/10 Recommended date to send Super to clearing house
21/10 September monthly BAS due
28/10 Last date for SGC contributions to be received by funds
31/10 Due date for individual Tax returns
21/11 October monthly BAS and IAS due
25/11 Last date to lodge and Pay quarterly BAS if lodged with us
Record-Keeping Part 1
As a business owner, where do you start when it comes to business records?
Here are my 5 rules for Keeping records
1. You need to keep all records related to starting, running, changing, and selling or closing
your business that are relevant to your tax and super affairs. If your expenses relate to
business use or personal use, ensure you have clear documents to show the business
2. The relevant information in your records must not be changed (for example, by using
electronic sales suppression tools) and must be stored in a way that protects the information
from being changed or the record from being damaged. The ATO may ask you to show you
have appropriate safeguards in place. You also need to be able to reconstruct your original
data if your recordkeeping system changes over time.
3. Most records need to be kept for 5 years. Generally, the 5-year retention period for
each record starts from when you completed the transaction that the record relates to, but
there are some exceptions – to give a couple:
• fringe benefits tax (FBT) records – the 5 years starts from the date you lodge your fringe
benefit tax (FBT) return.
• records for super contributions for employees, the 5 years starts from the date of
4. You need to be able to produce records if the ATO ask for them. If you store your data and records digitally, make sure they can be
retrieved, unlocked and decrypted if necessary.
5. Your records must be in English or able to be easily converted to English
If you would more information on how we can help ensure you keep good business records call on 02 9191 7307