• When to do record-keeping and reporting tasks

    We recommend you do some tasks daily but you can do others weekly, monthly, or quarterly. Some things only need doing once a year. You must do some tasks by a certain date or you can be charged penalties. We make it clear when you have to do something within a certain timeframe.

    When to do record-keeping and reporting tasks

    Frequency

    Tasks you should or must do

    Daily

    • Record your income.
    • Record your expenses.
    • Record any cash payments or drawings.
    • Reconcile your daily sales.

     

    Weekly, fortnightly or monthly (depending on when you pay your employees)

    • Record payments to employees.
    • Calculate PAYG withholding and superannuation payments.

     

    Monthly

    • Do your bank reconciliation.
    • If you're registered for GST, your activity statement may be due.

     

    Quarterly

    • Record details of superannuation paid.
    • Check fuel tax credits records are accurate and complete.
    • If you're registered for GST, your activity statement may be due.

     

    Yearly

    • Summarise income and expenses for the year and create a profit and loss statement.
    • Conduct a stocktake (if you have a significant amount or value of stock, checking stock levels more often is smart business).
    • Summarise your record of debtors and creditors.
    • Confirm you have records of assets for CGT purposes for any CGT events.
    • Complete records of depreciable assets.
    • Use fringe benefits tax (FBT) records to complete your FBT return.
    • Issue payment summaries to your workers and lodge your annual PAYG withholding report.
    • Lodge your taxable payments annual report (building and construction industry).
    • Lodge your tax return.

     

    See also:

    Last modified: 03 May 2016QC 43004