Record Keeping

All documents relating to the office of Reeve need to be kept for five years after they are prepared, obtained or the transactions completed, whichever occurs latest and in English or in a form that the ATO can access and understand in order to work out the amount of tax liable. The only exception is anything relating to minors. These must be kept until the minor is 18 years of age. This includes receipts for event expenses, receipt books, sign in sheets, indemnities etc.

All paperwork is to be scanned and stored electronically in your Branch's Dropbox folder. Once a clear and legible scan is stored, the original paper can be destroyed. Once again with the exception of anything relating to minors.

The scanned receipts can then be uploaded to the relevant Xero transactions and all other paperwork to your Branch's Dropbox folder.

For more information, refer to:

Australia:

  • Taxation Ruling TR 96/7 Income tax: record keeping – section 262A – general principles
  • Taxation Ruling TR 2005/9 Income tax: record keeping – electronic records
  • Practice Statement Law Administration PS LA 2008/14 – Software system documentation for record keeping purposes.

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