Go to the Australian Taxation office website (www.ato.gov.au) and click on the 'Businesses' tab. Then click on 'Your business situation'. Next click on "Record keeping and invoicing" and then "Record keeping essentials". Click on 'Business records you need to keep' and then 'Penalties for not keeping proper records'.
a. What records must be kept under tax law?
From the ATO website, it states that you need to keep the following for a minimum of 5 years:
b. Choose two of the stated taxes (i.e. income tax, goods and services tax, pay as you go tax, capital gains tax and fringe benefits tax). In your own words explain the purpose of each tax.