How long do you need to keep business records in Australia?

In Australia, businesses are required to keep records for a minimum of five years. This applies to all types of records, including financial documents, invoices, receipts, and payroll information. The five-year period starts from the date the record was created or the last transaction related to the record occurred. It’s important to note that these records must be kept in a way that they are easily accessible and legible. Businesses must also comply with the Australian Taxation Office (ATO) guidelines, as failure to retain proper records could result in penalties. For tax purposes, keeping accurate and complete records ensures you can support your claims, deductions, and avoid complications with audits.

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