There are many advantages to keeping your records digitally. For example, a commercially available software package may help you: 

• keep track of business income, expenses and assets as well as calculate depreciation 
• streamline your accounting practices and save time so you can focus on your business 
• automatically calculate wages, tax, super and other amounts, including 
  • develop summaries and reports for GST, income tax, fringe benefits tax (FBT) and taxable payments reporting system (TPRS), as required 
  • be prepared to lodge your tax and super obligations, including your tax return, business activity statements (BAS) and taxable payments annual report (TPAR) if you’re  a business that is required to 
  • send some information to the ATO online (if the package meets ATO requirements), for example, your activity statement 
  • meet your legal Single Touch Payroll (STP) reporting obligations 
• back up records using cloud storage to keep your records safe from flood, fire or theft.