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 superannuation.
Business records need to contain enough information for us to understand the basic features or purpose of transactions. The minimum information is generally the:
- date, amount, and description (for example, sale, purchase, wages, rental) and the relevant goods and services tax (GST) information for the transaction
- purpose of transaction
- relationships between parties to the transactions, if relevant.
You must keep your business records for at least 5 years. Our online reporting tools can make record keeping easier.
If you need help, phone the Business enquiries line on 13 28 66 or the Indigenous helpline on 13 10 30 (8:00 am to 6:00 pm Monday to Friday, except public holidays).
For more information, see Record keeping for business.