Answer the following questions about maintaining business and taxation records. 1) List three reasons why it is important

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Assessment Task 1 - Knowledge Assessment

21. Answer the following questions about maintaining business and taxation records.

  1. List three reasons why it is important to keep business records for taxation purposes.
  2. As per taxation laws, how long do you need to keep business and taxation records?
  3. As per the Corporations Act 2001, how long do companies have to keep their financial records?
  4. According to the Fair Work Act, how long should an entity keep its employee records?
  5. Identify one of the five rules of record keeping enumerated by ATO.
  6. What would be the penalty for failing to meet your record-keeping obligations to ATO?
  7. Give one example of a record that must be kept by a business engaging with a contractor or a supplier.

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