SubscribeCan your Small Business survive a tax audit?
ATO Reviews Book/Record Keeping Of Small Businesses
The Australian Taxation Office have been engaged in extensive programs of visiting Small Businesses to check if they are keeping adequate bookkeeping records. Can your business survive a tax audit? Contact us for a review of your bookkeeping system
Section 262A of the ITAA 1936 requires that a person running a business to keep records that expalin and record all transactions. The documentation must be kept for a minimum of five years
If the ATO find that your bookkeeping is inadequate, then the taxpayer will be informed and advised to improve the record keeping operation, and your business will be revisited in six months.
The ATO has a list of records to be inspected and will contact you for a suitable time to review your bookkeeping and record keeping procedures
Can your business survive a tax audit? Contact us for a review of your bookkeeping system
Disclaimer: We are bookkeepers skilled in establishing and assisting with bookkeeping systems, we are not registered Tax Agents and cannot give advice in relation to tax matters.
