# ATO: Does your admin need a spring clean?



## Jack Malarkey (Jan 11, 2016)

From the Australian Taxation Office’s small business newsroom:









Does your admin need a spring clean?


Now's the time to consider how good your record keeping has been this year.




www.ato.gov.au





*Does your admin need a spring clean?*










*8 November 2021*

You may have received government support to help your business through COVID-19. And these may have called for extra record keeping or calculations (to work out things like reduction in turnover, for JobKeeper for example).

Now more than ever, keeping detailed records for all transactions related to your business’s tax and super affairs can help your business; it's not just an obligation.

Accurate and complete records help you:

keep track of your income and stock levels
know what expenses you’ve incurred
make informed business decisions
prepare for your business activity statements and tax returns.
Remember to:

keep records for at least 5 years
consider digital tools that can help reduce or streamline administration
check for mistakes if things don’t add up
account for business stock taken for personal use
keep a separate account for business expenses
only claim the business portion if you use an asset for business and private purposes
consider contacting a registered tax agent or BAS agent if you need help with your tax.
You can also consider preparing a cash flow budget; this will provide you with useful financial information to help you plan and manage your business.

*Find out about*

Record keeping for business
Manage your business cash flow


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