Important Files and Documents: How Long Should Your Business Store Them For
Think about how much time you’ve wasted in your life trying to find your keys, wallet or mobile phone! For any business, record keeping is not only compulsory; it directly impacts the productivity of your business. Are you starting to drown in business documents and unsure of what to keep and for how long? Fear not, read on for some information on how long you should store important business documents and some storage suggestions. What you need to store Your business is required by law to keep certain financial and employee-related records. The Australian Tax Office (ATO), the Australian Securities Investments Commission (ASIC) and Fair Work Australia (FWA) are three organisations that may require access to your records.Also bear in mind what documents you would need to provide in order to sell your business. If you are not sure about what to store, it is better to keep too many records than not enough and to check with a professional such as your accountant. But remember, that al...