Record keeping is an essential part of running your business. It makes good business sense too. Keeping good records helps you:
- know how your business is going
- keep track of your income and expenses
- show banks or lenders how your business is going
- make the best use of your registered tax or BAS agent.
Records you need to keep include:
- receipts and other evidence of all sales and purchases you made for your business
- tax invoices, wage and salary records
- all documents about GST
- records of the purchase, sale and other costs of any business assets, such as land, buildings or office equipment
- all records relating to tax returns, activity statements, fringe benefits tax (FBT) returns, and contributions to employee super.
You must keep your business records for at least five years. Our online reporting tools can make record keeping easier.
If you need help, phone the Business tax infoline on 13 28 66.
See also:Keeping good business records makes good business sense. You must keep all your business records for five years, including tax invoices, receipts, salary and wages records, tax returns and activity statements, and super contributions for your employees.