Why Most RECORDKEEPING AND FILING REQUIREMENTS Fail

Why Most RECORDKEEPING AND FILING REQUIREMENTSTo meet basic legal requirements, you must keep the following:

  • a cash book or financial accounting program – that records cash receipts and cash payments
  • bank accounts – cheque books, deposit books and bank statements
  • employment records – hours of work, overtime, remuneration or other benefits, leave, superannuation benefits, termination of employment, type of employment, personal details of workers, employee personal contact and employment details

Why Most RECORDKEEPING AND FILING REQUIREMENTS

  • occupational training records – for both you and employees to comply with work, health and safety laws including evacuation and emergency training attendance

But Not More Than $5,000 , Deductions Greater Than $5,000 , Recordkeeping Requirements, n name/address of charity, n date of donation, n place where you donated vehicle, n description of vehicle, n contemporaneous written acknowledgment from charity*, Filing Requirements, n written acknowledgment*, n Form 8283, Section A, n Form 8283, Section B, n written appraisal — if deduction is not limited to gross proceeds, X X X X X X X X X X X X X X X X X X X X X X X X * For information on what the acknowledgment must contain, see Determining the Amount You Can Deduct, page 3.

But Not More Than $5,000 , Deductions Greater Than $5,000 , Recordkeeping Requirements, n name/address of charity, n date of donation, n place where you donated vehicle, n description of vehicle, n contemporaneous written acknowledgment from charity*, Filing Requirements, n written acknowledgment*, n Form 8283, Section A, n Form 8283, Section B, n written appraisal — if deduction is not limited to gross proceeds, X X X X X X X X X X X X X X X X X X X X X X X X * For information on what the acknowledgment must contain, see Determining the Amount You Can Deduct, page 3.

  • sales records – invoice books, receipt books, cash register tapes, credit card documentation, credit notes for goods returned and a record of goods used by the business owner personally
  • proof of purchases – cheque butts (larger purchases), petty cash system (smaller cash purchases), receipts, credit card statements, invoices, any other documents relating to purchases including copies of agreements or leases
  • work, health and safety (WHS) records – workplace incidents, risk register and management plan, names of key WHS people (e.g. WHS representative, Trained Safety Advisor (TSA), first aid attendant), chemical storage records, first aid incident register, workplace assessments, Material Safety Data Sheets (MSDS).
Updated: April 18, 2019 — 8:28 am

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