From www.pitcher.com.au: Accurate and up-to-date record-keeping is essential for Australian businesses to meet tax compliance requirements and avoid penalties from the ATO.

Businesses should retain various documents, including invoices and bank statements, for specified periods, typically five years, with longer retention for certain records like superannuation and employment-related documents.

Implementing efficient record-keeping practices, such as using cloud accounting software and maintaining organized digital records, can enhance financial clarity and control over the business while easing the tax reporting process.