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Published on 05 May 06
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
Accounting practices with SME clients are often responsible for maintaining the statutory records and many of the accounting records for their clients. So what should advisors retain on their files? This paper discusses:
what records must be maintained by law for various entities?
what are the specific income tax and GST requirements regarding record-keeping?
the Commissioner's powers of access to books, records and accountants’ working papers
what work papers should (and should not) be maintained in files?
internal quality control procedures
what the ATO may be looking for in the event of a review / audit?
Karen has been an officer in the ATO for over 25 years and for over 20 years of those has been in compliance roles, as an auditor, team leader and manager. She has dealt with income tax assessments and audits, PAYE, PPS and sales tax compliance, has been actively involved in the investigation of many tax frauds and now she works in GST and PAYG compliance as team leader in several cash economy projects. Current at 23 February 2006
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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