The ATO have produced a series of short videos on a range of subjects including one on record keeping. Yes, it’s boring stuff, however, it is extremely important to keep good records. This is not only for your benefit but also to satisfy the requirements of the tax office. You need to be able to substantiate all your income, expenses and GST if you are audited.
We can provide advice on the best way to keep your records, which can be kept in a number of ways and will depend on your preferences and circumstances.
The video talks about recording your transactions and completing your Business Activity Statements, and it’s worth noting that many small business owners simply don’t have the time or knowledge, which is where we come in!
Watch the short video below to learn more.
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