Physical records Many banks and financial institutions require records of past performance to assess applications for loans. Past production records put credence to your claims for future production with expected income.
Many research projects use ABS statistics.
The results from these research projects are only as useful as the information that you provide. Past records allow you to identify trends, such as the relationship between soil and tissue test results, fertilizer application and yield. Physical and production records may also be helpful if you wish to sell your farm. There is a legal requirement to keep a record of all business income and expenditure for five years from the transaction date. Because of capital gains tax implications, you must keep records that relate to the acquisition of assets for seven years after you dispose of the asset.