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DRIVE A2B February 2021

*** SCROLL DOWN TO SELECT ALTERNATIVE MAGAZINE EDITIONS *** Australia's only Magazine for the Commercial Passenger Transport Industry. News and views for Drivers, Owners and Operators of Taxi, Hire Car, Limousine, Ride Share, Booked Hire Vehicles, Rank and Hail Cars.

*** SCROLL DOWN TO SELECT ALTERNATIVE MAGAZINE EDITIONS ***
Australia's only Magazine for the Commercial Passenger Transport Industry. News and views for Drivers, Owners and Operators of Taxi, Hire Car, Limousine, Ride Share, Booked Hire Vehicles, Rank and Hail Cars.

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BUSINESS RECORD KEEPING<br />

ARE YOU KEEPING THE<br />

RIGHT RECORDS ?<br />

The new year is a great time to check.<br />

The Australian Taxation Office's<br />

record keeping evaluation tool<br />

only takes about five minutes<br />

to use and helps you assess<br />

how well you are keeping your<br />

business records.<br />

You can access this feature by<br />

visiting http://bit.ly/3jg40uw.<br />

Simply choose what applies to<br />

your business and the kind of<br />

records you keep, and you’ll<br />

get a report based on the<br />

information you’ve provided.<br />

We can't access the information<br />

– so only you will see if you’re<br />

doing well or if there’s room for<br />

improvement.<br />

Rules of good record<br />

keeping<br />

• keep all records that are<br />

relevant to your business’ tax<br />

and super affairs<br />

• safely store your records in a<br />

way that protects them from<br />

being changed or damaged<br />

• keep most records for five<br />

years<br />

• you need to be able to show<br />

us your records if we ask for<br />

them<br />

• they must be in English or<br />

easily converted to English.<br />

Records you may<br />

need to keep<br />

• BPAY or PayPal records<br />

• tax invoices for purchases<br />

over $82.50<br />

• stocktake records<br />

• a list of creditors and<br />

debtors<br />

• wages records (including<br />

directors' fees).<br />

• Super guarantee<br />

contributions paid to each<br />

employee and how they<br />

were calculated.<br />

36 <strong>DRIVE</strong> <strong>A2B</strong> magazine · www.drivea2b.com.au · <strong>February</strong> <strong>2021</strong>

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