What are the 5 rules for record keeping?

Effective record keeping is crucial for personal, business, and financial management. Here are five key rules for good record-keeping:

1. You need to keep all records related to starting, running, changing, and selling or closing your business that are relevant to your tax and super affairs.  

2. The relevant information in your records must not be changed and must be stored in a way that protects the information from being changed or the record from being damaged.  

3. You need to keep most records for 5 years such as:

    - Fringe benefits tax (FBT) records the 5 years starts from the date you lodge your fringe benefit tax (FBT) return.

    - records for super contributions for employees, the 5 years starts from the date of the contribution.

• - records for super fund choice for your employees, the 5 years starts from the date of employee engagement or when an employee is offered, chooses or changes their choice of fund.

4. You need to be able to show us your records to ATO, if they ask for them. 

5. Your records must be in English or able to be easily converted to English.