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Records required for your business's tax return – income

You need to keep records to calculate and substantiate the income you report in your business's income tax return.

Last updated 27 November 2019

Your business records must contain enough information for you to be able to accurately calculate and substantiate the income you report in your income tax return.

Tax return records – income – information and examples

Information your records need to show about your business's assessable income

Examples of types of records

Gross sales and income from your business received in cash, online, using credit or debit cards or using EFTPOS.

Other money received such as:

  • income earned from the sharing economy
  • foreign income
  • personal services income – refer to PSI records
  • some payments outside of ordinary business activities
  • government payments
  • assessable income from crowd funding activities
  • commissions, investment earnings, gratuities and compensation payments
  • sale of assets (this may also trigger a CGT event or balancing adjustments for depreciating assets for income tax)
  • interest on a loan.
  • Tax invoices
  • Bank statements
  • Merchant facility statements (for EFTPOS and credit card facilities)
  • Receipt books, cash receipts
  • EFTPOS receipts
  • Tap-and-go (contactless) payment records
  • Smart phone and tablet card processing records
  • Online payment receipts (for example, eBay, PayPal, Stripe, WeChat)
  • Cash register tapes
  • Records of cash sales
  • Actual cost of sales analysis
  • Reconciliation of daily sales sheets
  • Loan agreements

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