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ASIC Protection From Identity Theft

Tuesday, 31 March 2009 04:41

PRACTICAL PREVENTION TIPS

Install and keep up-to-date anti-virus and firewall software on your computer.

Never respond to an email requesting confi dential banking details such as your PIN or Internet banking password. Banks will never send you an email asking for personal security details like your Internet banking password or PIN.

ATO Legal Requirements for Paperwork

Tuesday, 31 March 2009 04:39

LEGAL REQUIREMENT

The most important reason for keeping good records is that it’s a legal requirement. By law, we require you to keep business records:

■ for five years after they are prepared, obtained or the transactions completed (whichever occurs later), and

■ in English, or in a form that we can access and understand in order to determine your tax liability.

Getting started

Tuesday, 31 March 2009 04:38

This information forms part of the publication PAYG withholding for small business (NAT 8075). It is also available in PDF and paper format.

If you have employees or pay employees of another entity, you are required to withhold an amount from payments you make to them. If you conduct your business through a company, you are also required to withhold from payments to your company directors for their services. You may have to withhold an amount from payments to other workers such as contractors.