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  • Does your admin need a spring clean?

    8 November 2021

    You may have received government support to help your business through COVID-19. And these may have called for extra record keeping or calculations (to work out things like reduction in turnover, for JobKeeper for example).

    Now more than ever, keeping detailed records for all transactions related to your business’s tax and super affairs can help your business; it's not just an obligation.

    Accurate and complete records help you:

    • keep track of your income and stock levels
    • know what expenses you’ve incurred
    • make informed business decisions
    • prepare for your business activity statements and tax returns.

    Remember to:

    • keep records for at least 5 years
    • consider digital tools that can help reduce or streamline administration
    • check for mistakes if things don’t add up
    • account for business stock taken for personal use
    • keep a separate account for business expenses
    • only claim the business portion if you use an asset for business and private purposes
    • consider contacting a registered tax agent or BAS agent if you need help with your tax.

    You can also consider preparing a cash flow budget; this will provide you with useful financial information to help you plan and manage your business.

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