Record Keeping

Record Keeping

Rede – Brisbane & Gold Coast Accountants

We are often asked by clients how long they are required to retain records? Each state has different regulations and legal requirements on keeping records. Get in touch with Rede Gold Coast Accountants today to find out about your record keeping requirements for your business.

A strong record keeping system can not only help with meeting all the legal requirements, it can help you to work more efficiently and also improve the relationship with your staff and customers.

The obligations to keep records vary considerably depending on the relevant legislation and type of records. Below are examples:

• Superannuation Industry (Supervision) Act – Records must be kept for a minimum for 5 years from the end of the income year. Records must also be retained in Australia. Find out more here

• Tax Act – All records must generally be retained for at least 5 years from the time of lodging your tax return. There are 5 main catergories of records you should keep, these are:

1. Disposing or acquiring of an asset
2. Any donations, gifts received or contributions
3. Any payments obtained
4. Related expenses to any payments received
5. Aged care, disability aids or attendant care expenses

Documents can be in written or electronic form. Find out more here.

• Statutory Limitations
• Corporations Act

Make an appointment with your Rede, Brisbane & Gold Coast accountants today and find out what they offer.

Book a FREE consultation with Rede Brisbane & Gold Coast accountants online here or by calling 1300 399 599.