ATO’s record-keeping tips

December 1, 2022 | Robyn Bull

The ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete records as they occur, as this should help them avoid penalties that may apply and reduce the possibility of the ATO denying their expense claims.

The following are some of the ATO’s top tips to help businesses get it right and avoid record-keeping errors (based on common record-keeping errors the ATO sees):

If businesses aren’t sure how this information applies to their situation, the ATO recommends they ask their registered tax or BAS agent, or contact the ATO for help.  The ATO says it will help businesses get back on track if they make an error.

 

 

 

 

 

 

 

Thumbnail image credit: <a href=”https://www.freepik.com/free-vector/documents-concept-illustration_4957415.htm#query=documenting&position=6&from_view=search&track=sph”>Image by storyset</a> on Freepik