Overview of record-keeping rules for business

Ato will required to keep record for all transaction relating your tax and superannuation as you will be start your business or sale or close your business:

• Taxpayer need to keep record for  your business’s income and expenses
• Business documents includes election, choice, estimate, determination or calculation you make for your business’s tax and super affairs

To meet your record-keeping requirements and avoid mistakes and errors,  ensure you understand what records are important to claim in your business return and what not. As your business changes or grows, you may need to review what records you need to keep accordingly and claim easily.