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
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Information your records need to show about your business's assessable income
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Examples of types of records
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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.
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- 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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ATO information for businesses about the records you need to keep to accurately calculate and substantiate the income you report in your business's income tax return.
