Do you receive Business Activity Statements (BAS) or PAYG instalments? The ATO is now issuing many documents via MyGov accounts and are no longer posting out documents.
To make sure you receive all of your ATO Documents, we recommend creating a MyGov Account which can be done by clicking here.
If you are an individual with simple tax affairs, which means only, wages income, interest and dividends from the date the notice of assessment is sent to you.
If you do not have simple tax affairs as above, you need to keep records for 5 years from the date the notice of assessment is sent to you.
If you are a sole trader or self employed with a turnover less than $2,000,000 (i.e. a small business entity) you need to keep your records for 5 years from the date the notice of assessment is sent to you.
If your business turnover is $2,000,000 or over then your records also need to be kept for 5 years from the date the notice of assessment is sent to you.
However if you conduct your business through a Company or a Corporate Trustee, then you need to keep all records for 7 years.
If you are a Self Managed Super Fund you need to keep all records for 10 years, including, all minuted meetings, resolutions, members statements, investment plans and correspondence.
Regardless of the above you have further record keeping obligations in regards to the following:
If you have tax losses that have been carried forward from previous years, then you need to keep all records from the start of those losses for five years from the date you make the final claim.
If you have depreciable assets you need to keep all records pertaining to the purchases for 5 years from the date of your last claim for depreciation.
If you dispose of a Capital asset you need to keep all records that show the original cost for 5 years after the event happened.
If you pay workers comp premiums then you need to keep your records for workers comp purposes for 5 years.
If you pay wages you may need to keep records of all employees for 5 years after the date on which their employment was terminated.