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If you change your business structure, you need to keep records of any decisions you make that affect your tax, superannuation or employer obligations.
Your records need to include information that shows that:
- appropriate controls and processes are in place to support compliance with tax, super and employer obligations and identify, assess and mitigate commercial and tax risks
- material transactions are well documented and subject to appropriate review and sign-off for tax-risk purposes.
These types of records need to be kept for 5 years starting from when you prepared or obtained the records or completed the transactions or acts those records relate to, whichever is later.
Last modified: 15 Nov 2023
Growing your small business
Steps | Progress | ||||
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Researching and planning your business growth |
5 mins | ||||
Obligations when growing your business |
9 mins | ||||
Changing your business structure |
11 mins | ||||
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Related courses |
1 mins | ||||
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