Clearing out your documents for the new year
The holiday period is the perfect time to declutter your documents but avoid throwing out those essentials you need to keep.
- Financial records must be kept for seven years after the transactions have been completed.
- Tax records must be kept for a minimum of five years.
- Employment records must be kept for seven years after termination.
- Documentation of assets must be kept for five years after they are sold.
- Essential documents must be kept in a safe and secure location to avoid any risk of losing them to fire or theft.
- Confidentiality and privacy obligations may exist. Consider your storage location, potential access to the documents and the agreement with any third party storage provider.
Getting PAYG withholding right
17th June 2019
As the end of the financial year approaches, it is important to be aware of changes to compliance obligations for small business owners.
New penalties for business’ pay-as-you-go (PAYG)... more
Healthcare accounting: Mobile apps or bookkeeping services?
3rd June 2019
Healthcare practitioners need an accounting strategy that reflects the medical sector's unique challenges. Time poverty and the need for impeccable customer service makes manual financial management... more
2019 End of Financial Year Checklist
27th May 2019
Maximise your tax deductions for the 2019-20 financial year by planning and reviewing your records.
Here are some top tips for businesses and individuals when it comes to year-end tax planning: