Storing your records
Your business records – whether they are manual or electronic records – should be stored securely, safe from fire or flood damage. Reconstructing business and tax records can be time consuming and costly.
We recommend you regularly make back-up copies of electronic records and store them in a safe place – preferably away from your business premises.
Copies of electronic records
If we ask you for copies of records you keep electronically, you can choose to provide electronic copies or a printed copy of your electronic records. Where necessary, we may also request documentation from your computer system.
Electronic storage of paper records
You can store and keep paper records electronically. We accept the imaging of business paper records onto an electronic storage medium, provided the electronic copies are:
- a true and clear reproduction of the original paper records
- kept for five years
- capable of being retrieved and read by us at all times.
You don’t have to keep original paper records once they have been imaged onto an electronic storage medium.
Your business records should be stored securely. Keeping your records safe from fire or water damage is important – replacing or reconstructing lost or damaged records is time consuming and expensive. We recommend you regularly make back-up copies of electronic records and keep these in a safe place on different premises.