Record keeping

Good business records help you manage your business and make sound business decisions. They can also improve the value of your business if you decide to sell it.

Employment records

If you employ people under a modern award or agreement, you're legally required to keep accurate and complete time and wages records and issue pay slips to each employee. You need to keep each employees' time and wages records for at least seven years and make sure they are always accessible for inspection. Records should be in plain English and easy to read.

Taxation records

Under tax law, if you operate a business you must keep records that record and explain all transactions.