The Australian Taxation Office requires businesses to keep records for at least 5 years. Boxkite automatically backs up your Xero data to Dropbox, ensuring you have complete records for tax audits, GST reviews, and STP queries.
| Retention Period | Records | Notes |
|---|---|---|
| 5 years | Income tax records | From date of lodgement or due date |
| 5 years | GST records | From date of transaction |
| 5 years | PAYG records | From date payment made |
| 5 years | Superannuation records | From date of transaction |
| 5 years | FBT records | From date benefit provided |
| Indefinite | Capital gains records | Until asset disposed and 5 years after |
The ATO selects your business for a random audit covering the last 3 years. They request all source documents for your BAS lodgements and income tax returns. Without organised records, you face amended assessments and potential penalties.
You've claimed a large GST refund and the ATO wants to verify it. They need to see the tax invoices that support your input tax credits. Missing invoices mean disallowed credits and possible shortfall penalties.
An employee disputes their payment summary data reported through Single Touch Payroll. The ATO asks for your underlying payroll records. Boxkite backups provide the historical Xero data that generated the STP reports.
Automatic daily backups accumulate over time, meeting the ATO's 5-year retention requirement.
Records are stored in accessible, standard formats that the ATO accepts for electronic record-keeping.
All your GST transaction records are preserved, supporting BAS lodgements and refund claims.
Records are backed up to your Dropbox—under your control, accessible anytime the ATO asks.
Start protecting your Xero records today. Automatic backups ensure you always have the documentation the ATO requires.
Start Free Trial