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  • When to do record keeping and reporting tasks

    While some tasks need to be done daily, weekly, monthly, or quarterly – others only need doing once a year.

    You must do some tasks by a certain date or you can be charged penalties. We make it clear when you have to do something within a certain timeframe.

    When to do record-keeping and reporting tasks

    Frequency

    Tasks you should or must do

    Daily

    • record your 
      • income
      • expenses
      • any cash payments or drawings.
    • reconcile your daily sales
      • Z-totals
      • Cash register tapes (can be disposed of after one month if you keep Z-totals)

     

    Weekly, fortnightly or monthly (depending on when you pay your employees)

    • record payments to employees
    • calculate PAYG withholding and superannuation payments

     

    Monthly

    • do your bank reconciliation
    • cross-reference payments with invoice numbers
    • if you're registered for GST, your activity statement may be due

     

    Quarterly

    • record details of super paid
    • check fuel tax credits records are accurate and complete
    • if you're registered for GST, your activity statement may be due

     

    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 of assets for CGT – if applicable
    • complete records of depreciable assets
    • complete your fringe benefits tax (FBT) return – if applicable
    • issue payment summaries to your workers and lodge your annual PAYG withholding report
    • lodge your taxable payments annual report – if applicable
    • lodge your tax return.

     

    Next step:

    Last modified: 19 Dec 2017QC 43004