Keeping business records

Record keeping is an essential part of running your business. It makes good business sense too. Keeping good records helps you to:

• know how your business is going
• keep track of your income and expenses
• show banks or lenders how your business is going
• make the best use of your registered tax professional.

Records you need to keep include:

• receipts and other evidence of all sales and purchases you made for your business
• tax invoices, wage and salary records
• records of the purchase, sale and other costs of any business assets, such as land, buildings or office equipment
• all records relating to tax returns, activity statements, fringe benefits tax returns, and contributions to employee super.

You must keep your business records for at least five years. Our online reporting tools can make your record keeping easier.

See also:

• Record keeping for business
• Online services – Businesses