Get on top of your record keeping
Effective and reliable record keeping is extremely important for small businesses.
Maintaining organised records will help you to meet your tax obligations
and will be extremely helpful in the event that you get audited.
A good record keeping system can also help you to monitor and reflect on your cashflow, and can be a valuable tool when making business decisions.
Records must be kept in English or in a form that can be easily translated.
While records may be kept on paper or electronically, it is advisable to lean towards electronic systems. Electronic record keeping systems can save you a significant amount of time, and there is a far lower risk of losing track of important documents. Small business owners are often
surprised to discover that it is necessary to retain financial records
for a full five years from when the tax return was lodged.
Furthermore, if you are involved in a dispute with the tax office then you may be required to retain records beyond the five year period.
Records that you must keep include:
• Income and sales records for the business. This may include cash
register rolls, receipt books and records of all cash sales.
• Expense records for all purchases made by the business, including
records of cash purchases.
• Records of any capital gains and/or losses
• GST records
• Bank records
• Information on employees and contractors including ABNs and TFNs.
Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony's expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
Tony has impressed me with his technical knowledge and execution. He works with honesty and integrity and is generous in his dealings.
John Mu, Internet Marketing Strategist Gold Coast
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.
If you want a hands-on accountant who knows his stuff...Tony Lee is the man!