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  • Tips for keeping good records

    Do your small business clients find record-keeping complicated? They may need your help to learn about good record-keeping practices and keep correct and complete tax records.

    Let your clients know about our top tips to help them keep good records:

    1. obtain valid tax invoices for all purchases that include GST
    2. keep accurate records of all sales and purchases
    3. store a copy of all records electronically, including a system backup in case of damage to hard copies
    4. keep records that contain enough information to calculate and support the amounts claimed on their BAS
    5. retain all tax invoices and other GST records for five years.

    If your clients keep good records, it may reduce the time you spend fixing common reporting errors. You can then spend more time helping your clients run more effective businesses. Keeping and maintaining good records will also help facilitate faster refunds if we ever need to contact you about your clients' GST claims.

    You and your clients can use our handy record-keeping evaluation tool to evaluate how well their business records are kept.

    See also:

    Last modified: 05 Mar 2018QC 54713