Record Keeping – a timely remiinder from the tax office

Record keeping for small business

 Increase text size  Decrease text size

Business records you must keep


See the following extract from the tax office website (  Please call us on 0411 218 570 if you need help with your record keeping systems, from establishment to maintenance.

“Income tax and GST

You must keep the following records:

  • sales records
    • sales invoices, including tax invoices
    • sales vouchers or receipts
    • cash register tapes, credit card statements
    • bank deposit books and account statements
  • records of purchases expenses
    • purchase/expense invoices, including tax invoices
    • purchase/expense receipts, which include an ABN
    • cheque butts and bank account statements
    • credit card statements
    • records showing how you worked out any private use of something you purchased
  • year-end income tax records
    • motor vehicle expenses
    • debtors and creditors lists
    • stocktake sheets
    • depreciation schedules
    • capital gains tax records.

Payments you made to your employees

You must keep the following records:

  • tax file number declarations and withholding declarations
  • withholding variation notices
  • worker payment records
  • pay as you go (PAYG) payment summaries
  • annual reports
  • super records
  • records of any fringe benefits you provided.

PAYG withholding for your business payments

You must keep the following records:

  • records of amounts you withheld from payments where no ABN was quoted
  • a copy of any PAYG withholding voluntary agreements
  • records of voluntary agreement payments
  • all PAYG payment summaries including PAYG payment summary – employment termination payments
  • all PAYG annual reports.

Fuel tax credits:

You must keep records of:

  • fuel you acquired
  • eligible and ineligible fuel use
  • claim calculations
  • any fuel you lost, sold or disposed of.

Sections within Business records you must keep