ATO Guide – Set your records straight

Good record keeping can help you avoid refund delays – not to mention help you manage your cash flow and make better business decisions. Make sure you hold onto the records you need with our handy checklist.

Having this information readily available when we contact you will significantly reduce the time we take to verify your claim and issue your refund.

Records we often request:

  • The working papers or reports that you used to prepare your activity statements (both sales and purchases).
  • Bank statements or other proof of payment for cash purchases.
  • Customs documentation for any imports or exports.
  • Agreements or contracts associated with transactions sources of funding, particularly when large purchases are made.

If property is involved, we often request:

  • A contract of sale showing the GST treatment of the sale.
  • A settlement statement.
  • A valid tax invoice issued by the seller.

For other capital purchases, we often request:

  • A purchase agreement or finance records, such as a hire purchase agreement or chattel mortgage documents.
  • Valid tax invoices.

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