Regular record keeping and reporting helps keep your business running smoothly and helps to ensure you are able to meet your tax, superannuation and employer obligations.
To avoid common errors we see, ensure you:
- keep records of how you work out your claims if business assets or funds are also for private use
- make accurate and complete record-keeping practices, including daily reconciliations, a part of your daily business activities.
Pay close attention to the tasks that have to be done at particular times, so you're not charged penalties for being late.
Some of the following common record-keeping tasks may not apply to all businesses, as every business is different.
Frequency |
Common tasks (not exhaustive) |
|---|---|
Daily, if applicable to your business |
Record:
Reconcile your daily sales (both cash and EFTPOS) and enter the amount into your main business accounting software system – if you do this correctly every day, it will ensure the accuracy of your records over the year. Include your:
Remember, if you account for GST on a cash basis, you need to account for the GST payable on the sales you make in the reporting period in which you receive payment for them. Bank all your cash income into your business account to ensure accurate record keeping and GST reporting. See also: |
Weekly, fortnightly or monthly (depending on when you pay your employees) |
Record payments to employees. Calculate PAYG withholding and super payments. Report your employee's salaries and wages, pay as you go (PAYG) withholding and super through an STP-enabled software solution. |
Monthly |
Do your bank reconciliation. Cross-reference payments with invoice numbers. If you're registered for GST, your BAS may be due. If you're registered for PAYG withholding monthly or PAYG instalments monthly, your BAS may be due. Check fuel tax credits records are accurate and complete, if lodging your BAS monthly (remember to apportion fuel use correctly). If you're not registered for GST, review your turnover in case you need to register for GST. See also: |
Quarterly |
Record details of super paid to your workers. If you're registered for GST, your BAS may be due. Check fuel tax credits records are accurate and complete, if lodging your BAS quarterly (remember to apportion fuel use correctly). Complete PAYG withholding for your BAS. Complete PAYG instalments for your BAS (if registered for GST) or your instalment activity statement if you are not registered for GST. Your petroleum resource rent tax (PRRT) instalment statement may be due. See also: |
Yearly |
Summarise income and expenses for the year and create a profit and loss statement. Do a stocktake (if you have a significant amount or value of stock). Summarise records of debtors and creditors. Ensure you have records you need to work out a capital gain or loss for capital gains tax (CGT) – if applicable. Complete records of depreciating assets. You need to reconcile and finalise your employee's STP information through your STP-enabled solution by making a finalisation declaration by 14 July each year, or as soon as it’s ready. If you are not reporting through STP because you have been granted a deferral or exemption from STP, you will need to issue payment summaries to your employees and lodge your annual PAYG withholding report. If you are a private company, ensure you have records of all drawings, dividends and loans. By the relevant due date, lodge all required obligations: |
Next step:
Find out about:
See also:
ATO overview information for businesses about the common record-keeping tasks that need to be done regularly to help you meet your tax, super and employer obligations.