[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-281817-105":53,"doc-detail-281817-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","record-keeping-and-family-loans-checklist","Record keeping and family loans - Checklist","","A fact sheet addressing record keeping requirements for family loans, highlighting common audit problems when taxpayers fail to correctly record transactions and supporting documents. It explains that records are needed to substantiate income, expenses, interest deductions, and related tax calculations, and that inaccurate record keeping can lead to assessments, amended assessments, administrative penalties, or prosecution. It outlines document types, record retention periods, and practical examples of poor versus good practices, including loan agreements and evidence of fund flow and use.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/record-keeping-and-family-loans-checklist/281817/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/record-keeping-and-family-loans-checklist/281817.png","ImageObject",442,249,{"name":88,"@type":89},"Chloe Bennett","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-23","2026-09-16",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",8,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What records are required for family loans under Australian tax law?","Question",{"text":109,"@type":110},"You must keep records that explain and specify all transactions, cover taxes you are liable for (including income tax, GST, PAYG, CGT, and FBT), and document any elections, choices, determinations, or calculations. Records must be in English or accessible and usable for working out the correct tax.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How long do you need to keep records for family loans?",{"text":114,"@type":110},"Keep records for 5 years after they are prepared, obtained, or the transaction is completed—whichever occurs the latest. Longer retention may apply if the information is used for a later tax return or for CGT and other regulatory bodies.",{"name":116,"@type":107,"acceptedAnswer":117},"What makes record keeping “good” for family loans?",{"text":118,"@type":110},"Good practices include having a loan agreement (or written communications) detailing amount, interest, term, repayment schedule, conditions, and signatures, plus dated bank statements, transfers, invoices, and receipts that show the flow of funds and what the money was used for.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},281817,1790587895,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":73,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":9,"preview_page_count":4},962084925782,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","| \u003Cbr>Fact sheet for business |\n| --- |\n| Record keeping and family loans |\n\nPoor or incorrect record keeping is a common issue we identify during audits. A particular concern is taxpayers not correctly recording and keeping records relating to family loans, where the funds borrowed are used for business or private purposes.  \nIf you’re subject to an audit, you’ll be required to provide records of all income and expenses, including interest deductions claimed, to support the amounts you reported to us.  \nNot keeping accurate records to support reported income and deductions can result in assessments or amended assessments of income tax. We may also apply administrative penalties or, in some cases, start prosecution proceedings that may result in court fines. In some instances, we have gone back more than 10 years in reviewing and amending taxation records and liabilities.  \nWhat records do I need to keep?  \nUnder Australian tax law, you must keep records:  \n■ that specify and explain all transactions and this includes any documents that are relevant for working out your taxation liabilities – you should make records of transactions as soon as they occur or as soon as possible afterwards  \n■ relating to all taxes that you’re liable for, such as income tax, Goods & Services Tax (GST), Pay As You Go (PAYG), Capital Gains Tax (CGT) and Fringe Benefits Tax (FBT)  \n■ relating to any election, choice, determination or calculation made under a tax law, including the basis on which they were made  \n■ in English or in a form we can readily access and use to workout the correct amount of tax you’re liable to pay  \n■ for 5 years after they’re prepared, obtained or the transaction was completed – whichever occurs the latest  \n– You have to keep records for longer if you use the information from those records for a later tax return, such as a carried forward loss from a business activity in an earlier year  \n– You may also have to keep records for CGT and for other regulatory bodies (such as Australian Securities and Investments Commission (ASIC)) for longer periods.  \nExamples of record keeping practices for family loans  \nPoor practices Good practices  \n\n| Undocumented records:\u003Cbr>■ No loan agreement in place\u003Cbr>■ No records showing the flow of funds from the lender to the borrower\u003Cbr>■ No records showing therepayment of the loan and payment of interest\u003Cbr>■ No records showing what the money borrowed or withdrawn was used for\u003Cbr>■ Unexplained deposits and withdrawals from bank accounts | Detailed records:\u003Cbr>■ Loan agreement in place which specifies amount borrowed, interest payable, the repayment schedule and other requirements\u003Cbr>■ Bank statements and transfers which show the flow of funds between the lender to the borrower\u003Cbr>■ Bank statements, invoices and receipts which show what the money borrowed or withdrawn was used for are kept\u003Cbr>■ All sources of funds can be explained |\n| --- | --- |\n\nNAT 74874-10.2015  \nPoor practices Good practices  \n\n| Incomplete records:\u003Cbr>■ Amounts recorded in financial statements do not reconcile with records of transactions (which may include bank accounts statements, invoices, agreementsand other documents)\u003Cbr>■ No dates on records\u003Cbr>■ No proof of authorisation to access money where it is being withdrawn from another person’s bank account | Complete records:\u003Cbr>■ The amounts recorded in financial statements and journals can be explained and reconciled with records of transactions (which may include bank accounts statements, invoices, agreements and other documents)\u003Cbr>■ Dates are shown on records\u003Cbr>■ Authorisation to access money is available |\n| --- | --- |\n\nChecklist: Record keeping and family loans  \nThe following is a checklist of the minimum record keeping requirements for family loans:  \n■ A loan agreement, or exchanges of letters, emails, faxes or other forms of written communication which set out  \n– the lender and borrower  \n– the amount of the loan, any interest rate payable, the term of t","cbCaifGSZfpkPXOu","https://ap.wps.com/l/cbCaifGSZfpkPXOu","pdf",153026,"English","# Checklist: Record keeping and family loans\n## Minimum record keeping requirements\n## What should you do?","[{\"question\":\"What records are required for family loans under Australian tax law?\",\"answer\":\"You must keep records that explain and specify all transactions, cover taxes you are liable for (including income tax, GST, PAYG, CGT, and FBT), and document any elections, choices, determinations, or calculations. Records must be in English or accessible and usable for working out the correct tax.\"},{\"question\":\"How long do you need to keep records for family loans?\",\"answer\":\"Keep records for 5 years after they are prepared, obtained, or the transaction is completed—whichever occurs the latest. Longer retention may apply if the information is used for a later tax return or for CGT and other regulatory bodies.\"},{\"question\":\"What makes record keeping “good” for family loans?\",\"answer\":\"Good practices include having a loan agreement (or written communications) detailing amount, interest, term, repayment schedule, conditions, and signatures, plus dated bank statements, transfers, invoices, and receipts that show the flow of funds and what the money was used for.\"}]","Record keeping and family loans - Checklist | PDF",1789568323]