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  • What records must I keep?
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What records must I keep?

You must keep records for at least five years. Records must be:

  • sufficient for a payroll tax liability to be properly assessed
  • in English, or a form easily translated to English
  • readily available to us, if required.

If you’re selected for an audit, you may be asked to provide:

  • balance sheets (with notes)
  • trading and detailed profit and loss statements
  • superannuation reports for employees and directors
  • end-of-year employee and management payroll summary reports, including year-to-date for the current financial year
  • fringe benefit tax (FBT) returns
  • general ledger accounts detailing payments made to contractors or subcontractors engaged by the business, including copies of invoices
  • letter from the NSW Department of Industry approving any apprentices or trainees for whom you wish to claim a payroll tax rebate
  • details and supporting documentation for any share and option schemes for directors and/or employees, including any schemes operated by parent and/or overseas companies
  • details of shareholders, directors and beneficiaries of the business, and their interest in other businesses or entities, if applicable
  • details and supporting documentation for any payments treated exempt from payroll tax, such as maternity leave
  • details of arrangements with contractors

If you’re a member of a group for payroll tax, you must have copies of the above records for all group members.

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