DRIVE A2B February 2021
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*** 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>