• When to do record-keeping and reporting tasks

    There are some tasks we recommend you do daily, 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
      • expenses
      • 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 super 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.
     

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    Last modified: 09 Feb 2017QC 43004