004-001 - Why Keep Records?

"Why Keep Records?" is an introduction, for a small business operator, on the necessity to maintain business records.

Items covered include:

• the importance of keeping business records.
• enables an accurate picture of your financial affairs to be determined.
• meets the requirements of the Income Tax Act.
• considers the type of records to be kept.
• refers to work papers.
• mentions that, if proper records are not kept, penalties may be imposed by the Australian Taxation Office.