When it comes to record keeping, there are 5 rules. 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
- store records safely to prevent damage and protect information from being changed (you must not change relevant information in records)
- keep most records for 5 years (for example, you need to keep records of losses for up to 5 years after you’ve fully claimed the loss)
- be able to show the ATO your records if we ask for them
- ensure your records are in English or easily converted to English.
The ATO’s record keeping evaluation tool only takes 5 to 10 minutes to use and it let you know how well you’re keeping records.
More information here