×
To use this feature, you need to log in to your account.
Don't have an account yet?
Create an account.
×
To use this feature, you need to log in to your account.
Don't have an account yet?
Create an account.
What are the rules of record keeping? (Select all that apply).
- Keep all records
- Don’t change your records
- Keep most records for 5 years
- Show the ATO your records if they ask for them
- Keep records in English
What are some benefits of keeping accurate and complete records? (Select all that apply)
- You will know whether your business is running at a profit or loss
- You will be able to make informed business decisions
- You can demonstrate your financial position when necessary (e.g. for banks or prospective buyers)
Who is responsible for understanding your record-keeping obligations?
- If you don’t have a tax or BAS agent, you’re responsible
- If you have a tax or BAS agent, they’re responsible
- You are responsible regardless
Question 1 of 3
Record keeping
Steps | Progress | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Record keeping overview |
10 mins | ||||||||||||||
Tasks and tips |
6 mins | ||||||||||||||
Starting your business records |
2 mins | ||||||||||||||
Digital record keeping |
5 mins | ||||||||||||||
Manual or paper record keeping |
2 mins | ||||||||||||||
Banking records |
2 mins | ||||||||||||||
|
|||||||||||||||
Income records |
3 mins | ||||||||||||||
Accounting for private use of assets |
9 mins | ||||||||||||||
Motor vehicle deductions records |
2 mins | ||||||||||||||
Home-based business deductions records |
1 mins | ||||||||||||||
Other deductions records |
1 mins | ||||||||||||||
Stock and asset records |
5 mins | ||||||||||||||
GST records |
1 mins | ||||||||||||||
Employee records |
7 mins | ||||||||||||||
Car fringe benefits records |
1 mins | ||||||||||||||
Expense payment FBT records |
2 mins | ||||||||||||||
Contractor records |
2 mins | ||||||||||||||
Sharing economy records |
1 mins | ||||||||||||||
Cryptocurrency records |
1 mins | ||||||||||||||
Records for other taxes |
5 mins | ||||||||||||||
Sole trader structure records |
4 mins | ||||||||||||||
Partnership structure records |
3 mins | ||||||||||||||
Company structure records |
3 mins | ||||||||||||||
Trust structure records |
1 mins | ||||||||||||||
Changing your business structure records |
1 mins | ||||||||||||||
Selling or closing your business records |
2 mins | ||||||||||||||
Related courses |
1 mins | ||||||||||||||
Course feedback |
|||||||||||||||