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?
Michael Fairlie CTA
Michael is a partner in Tregloans Chartered Accountants with over 20 years experience, many of which were in a 'Big 4' environment. He provides advice on income tax, FBT, GST, superannuation and general business matters to a diverse range of SME clients in all types of business structures, including retailers, primary producers, manufacturers and professionals. Current at 23 February 2006
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
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