We know that dealing with Government departments can be a Headache, especially if you are not sure who it is your supposed to be dealing with.
Not only the volume of who we deal with can cause headaches, but also the conflict in requirements.
The requirement under the Property Stock Agents Act (2009) is to hold Trust related documents for 3 years at the place of Business.
However, under the ATO it is a requirement to hold onto receipts and documentation for at least 5 years from the date you lodged your return.
ASIC says the Corporations Act requires financial records to be kept for at least seven years after the transactions covered by the records are complete
Workcover suggest that it better to keep paperwork for minimum of 7 maximum of 75 years depending on the event. If however the records relate to an accident involving death- then you have to hang onto that paperwork for 25 years before you can destroy them. This is so that if any incident occurred , a record is retained for the lifetime of the worker.
So which one do you follow?
ALL OF THEM.
Moral of this story – Beware of ALL the government departments that you have to deal with and ensure that you are compliant with them all. Only following one departments requirements can leave you open to being fined by another department.
Bachelor of Business – Accounting (Sub. Major Business Law), Diploma of Financial Services, TAE, J.P.