Record Keeping Requirements

To help you with which records you are obliged to maintain, we have provided a list of obligations required by all of the relevant legislations.

• According to the Superannuation Industry (Supervisory) Act, accounting records are to be kept for 5 years, while minutes of meetings, records of directors/trustees and reports given to members are to be kept for 10 years.
• According to the Tax Act, any record pertaining to tax should be held for 5 years.
• The Statute of Limitations requires records to be kept for 7 years.
• The Corporations Act, requires accounting records to be kept for 7 years.

In essence, you should keep all records for 7 years, except for minutes of meetings, records of all directors/trustees and reports given to members for superannuation funds, which should be kept for 10 years.

So while you are currently preparing your information for the 2005/06 year end accounts, please think of this before discarding any information.

For additional help in preparing your 2005/06 accounts, we are offering special Alexanders USB keys to those clients whose files are too large to send via email. For further information please contact Alexanders on (02) 9438 3233 or email info@alexanders.net.au.

Small Business Focus: Working with your accountant

Of all of the outside contractors and consultants you'll ever employ, your accountant is in the best position to provide tangible benefits to you and your business. This is because your financial statements are the most valuable management tool you will ever generate, and no one understands those financial statements better than your accountant.

Use your accountant to provide insight into the numbers on your financial statements and to help you utilize that insight in the management of your business.

Hiring an accountant is as important an event as hiring a key employee. A defined process should be adhered to in order to maximize the chances of finding the accountant who best fits your business.

To understand how to find the best accountant for your business read Microsoft Small Business Education Module “Working With your accountant”.