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How many hours did it take you to prepare and complete this schedule?

Last updated 31 August 2006

The ATO is committed to reducing the costs involved in complying with your tax obligations. Your response to this item will help us monitor these costs as closely as possible.

Write the number of hours it took you to prepare and complete your Business and professional items schedule for individuals 2005-06 at S in the Taxpayer's signature block on your schedule.

When completing this item consider the time, rounded up to the nearest hour, you spent:

  • collecting the necessary information to complete this schedule
  • making any necessary calculations
  • completing the schedule, and
  • putting the tax affairs of your business in order so the information can be handed to your tax agent.

Your answer should reflect the time your business spent preparing and completing your schedule and the time spent by your tax agent and any other person whose assistance you obtained.

If you are a tax agent preparing this schedule on behalf of your client, include your time and a reliable estimate of their time.

Records you need to keep

You must keep records of most transactions in English for five years after you prepared or obtained them, or five years after you completed the transactions or acts to which they relate, whichever is the later. Taxation Ruling TR 96/7 Record keeping - section 262A - general principles clarifies the record keeping obligations of small businesses, particularly for cash transactions.

The ATO is helping small business operators meet their record keeping obligations by reviewing their record keeping practices. These reviews start with a phone call or a brief visit to the business premises. The process is explained, you can ask questions and an interview is arranged for a later date.

Some of the more significant record keeping problems identified by the ATO are failure to:

  • record cash income and expenditure
  • account for personal drawings
  • record goods for your own use separate private expenses from business expenses
  • keep valid tax invoices for creditable acquisitions when registered for GST
  • keep adequate stock records, and
  • keep adequate records to substantiate motor vehicle claims.

For additional information, see Record keeping for business.

To find out how to get this publication or to get a CD-ROM of our electronic record keeping package e-Record, see More information.

Choice of superannuation fund

You must keep records that show you have met your choice of superannuation fund obligations. For further information about the records you need to keep, please visit our website www.superchoice.gov.au or phone our Super Choice Infoline on 13 28 64.

QC18499