Record keeping
Good business records help you manage your business and make sound business decisions. They are also useful if you want to sell your business.
Under tax law, you must keep records to record and explain your business transactions. You're required to keep records relating to income tax, Goods and Services Tax (GST), payments to employees and business payments.
You can keep your records on paper or electronically. A variety of electronic record keeping packages are available.
What to do...
- Read record keeping essentials about paper and electronic record keeping and reporting.
- Read the Australian Taxation Office's (ATO's) guide to Record keeping for small business.
- Use the Record keeping evaluation tool to decide what records you need to keep.
- Visit The Treasury's Standard Business Reporting (SBR) website to find out how registering for SBR can save you time and money.
This information is brought to you by business.gov.au and BEC Australia
business.gov.au - Your business gateway to government information and services