• Managing your small business records

    Good records help you make sound business decisions, monitor your business health, analyse your cash flow and demonstrate your financial position to lenders, businesses, accountants and prospective buyers.

    Under tax law, your records must explain all transactions and be:

    • in writing, either on paper or electronically
    • in English, or in a form that we can readily access and convert into English
    • kept for five years (although some records need to be kept longer).

    If proper records are not kept, we may impose penalties.

    You can choose to look after your record keeping or engage a bookkeeper or registered agent to do all or part of this work. We can also give you advice and help on record keeping systems.

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    Duration 5:20

    Last modified: 09 Feb 2017QC 16863