Record keeping - Tax basics for non-profit organisations
Note: This document forms part of our publication Tax basics for non-profit organisations (NAT 7966).The information in this document has been updated for changes that have occurred since the publication was released in June 2007.
Good records help you manage your organisation and make sound decisions. Some of the basic records you may need to maintain are:
cash book records of daily receipts and payments
GST tax invoices and income tax records, such as debtors and creditors lists, stocktake records and motor vehicle expenses
records of payments relating to employees, such as PAYG withholding, superannuation and fringe benefits payments
records of payments withheld from suppliers who do not quote an ABN, and
bank reconciliation statements.
Using an electronic record keeping system may save you further time and effort. A free electronic record keeping package, e-Record is available from the Tax Office.
An invoice of more than $75 (excluding GST) should show your supplier’s ABN. Otherwise, you generally need to withhold 46.5% from your payment to the supplier.
You cannot claim a GST credit in an activity statement unless you have a tax invoice. If you obtain a tax invoice later, you can claim the GST credit in the activity statement for the tax period in which you obtain the tax invoice.
Tax invoices are not required if the GST-exclusive value of the sale is $75 or less. However, you should have some documentary evidence to support all GST credit claims.
If you ask a GST-registered supplier to provide you with a tax invoice, they must do so within 28 days after your request. Organisations that are not registered for GST cannot issue tax invoices.
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