30 September Retention of business records September 30, 2016 By Reef Admin Business practice 0 REEF is often asked by members about how long they are required to retain different types of business records. Here's a summary of your obligations. Employment records These are regulated by various Acts, including the Fair Work Act 2009. They include records such employment status, hours worked, salary/wages, leave and superannuation entitlements, and must be kept for seven (7) years. Industry-specific records Section 104 of the Property, Stock and Business Agents Act 2002 requires a Licensee to retain, for three (3) years after it is made, a record containing particular transactions as Licensee. Tax records These records are regulated by various Acts, depending on the form of taxation involved. The main categories are: Income tax – Retain for five (5) years from the latter of the date on which the records were prepared or the relevant transaction was completed. Payroll tax – Retain for five (5) years from the latter of the date on which the records were prepared or the relevant transaction was completed. CGT – Retain for the duration of the ownership of the asset, plus five (5) years from the end of the accounting period in which disposal occurred. FBT – Retain for five (5) years from the latter of the date on which the records were prepared or the relevant transaction was completed. Company records These are regulated by various Acts, including the Corporations Act 2001. The main categories are: Registers and minute books – Must be retained for five (5) years from the date of the last entry. Accounting records – Must be retained for seven (7) years from the completion of the transaction or conclusion of the accounting period during which the transaction took place. Related Payroll tax and independent contractors In recent years, far too many real estate employers have paid a heavy price for failing to understand the difference between bona fide independent contracting arrangements and those ultimately found to be an employment relationship. Unfair dismissal claims against a small business If you're faced with an unfair dismissal claim, make sure you have the peace of mind of knowing you've complied with the Small Business Fair Dismissal Code. Coronavirus - Employment Q&As (part 1) The REEF Helpline has been inundated with calls regarding the Coronavirus and its impact on employment. To address some of your questions, please take the time to read the following essential information. Buying an agency? You need to understand employee entitlements The sale of a real estate agency is something most business owners will face at some point. Here are some things to be aware of when it comes to employee entitlements. REEF President gives 2017 annual report at AGM At the recent AGM, REEF President Fred Andriessen presented his annual report and provided a snapshot of just some of the activities REEF has been involved in over the course of 2017. Independent contractors: It's a sham! Or is it? Recent development in technology and increasing pressures continue to blur the line between employees and contractors, but courts continue to look at the substance of the relationship, not the form. Comments are closed.