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How Long Must You Keep Tax Records In Australia. Be kept for five years (some records may need to be kept longer). If you don't keep the right tax records, you can incur penalties.
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Be kept for five years (some records may need to be kept longer). Records may be paper or electronic and must be in english. You must keep all business tax records for seven years, after which all records can be destroyed if you wish.
All Employee And Contractor Records Must Be Kept For Five Years.
You should keep your records for at least 22 months after the end of the tax year the tax return is for. For example, if your program was implemented in 2010, and paragraph 10 of your program was changed in 2013, you must keep a record of the original paragraph 10 until 2020. If you decide to keep records electronically, you may want talk to a tax professional or software provider to find out more.
But There Are Some Bits Of Paper That You Should Hang On To.
The principles are the same for each, but keeping electronic records will make some tasks easier. Keep your business records separate to your personal records. Anything you need for your tax return… payments you’ve received such as wages, interest, dividends and rental income
For Example, You Should Keep All Invoices, Receipts And Bank Statements.
This means you should keep all receipts, proof of income, calculations, nominations and other records which support the contents of you tax return for five years. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later. Keep records indefinitely if you file a fraudulent return.
Records May Include Income Statements, Payment Summaries And Receipts.
Be kept for five years (some records may need to be kept longer). You must keep all your business records for five years, including tax invoices, receipts, salary and wages records, tax returns and activity statements, and super contributions for. 5 years following the assessment period.
Tax Returns Sent On Or Before The Deadline.
You need to keep records for five years (in most cases) from the date you lodge your tax return. The cra may ask for documents other than official receipts, such as cancelled cheques or bank statements, as proof of any deduction or credit that you. When you own property (house, rental property, cars), you should keep all tax records for at least three years after selling that property and filing the corresponding tax returns.
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