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?