Keeping accurate and complete records is a legal requirement for all businesses. Good record keeping habits helps you understand how your business is performing, manage your cash flow and make confident decisions throughout the year.
A great place to start and help you get it right is watching our Tax Basics for Small Business video series on ‘Good record keeping’. It explains:
- which records you need to keep
- how to keep them organised
- different ways to store your records (electronically or on paper)
- tips for keeping your records secure, backing them up and retaining them for five years.
Media: Good record keeping
https://tv.ato.gov.au/ato-tv/media?v=bd1bdiubfiyse4External Link (Duration: 2:06)
Make sure to keep records of:
- your sales, expenses and payments to workers
- assets, equipment and stock
- documents that support any deductions or claims reported in your tax return
- all transactions related to your tax, super and registration obligations, including information reported in your tax return or business activity statements (BAS).
Another tool we have to help your business stay organised is our free Record Keeping Evaluation Tool. It's quick and easy to use. It asks you simple questions about how you currently keep your records and provides a personalised report showing what you’re doing well and where you can improve.
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Visit our Record Keeping page on ato.gov.au for more information.