Record Keeping – a timely remiinder from the tax office

Record keeping for small business

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Business records you must keep

 

See the following extract from the tax office website (http://www.ato.gov.au/content/00339428.htm).  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