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New year, new habits

Are you keeping the right records for your business? The new year is a great time to check.

Our record keeping evaluation tool only takes about five minutes to use and helps you assess how well you’re keeping your business records.

Simply choose what applies to your business and the kind of records you keep, and you’ll get a report based on the information you’ve provided. We can’t access the information – so only you will see if you’re doing well or if there’s room for improvement.

Remember the rules of good record keeping:

  • keep all records that are relevant to your business’s tax and super affairs

  • safely store your records in a way that protects them from being changed or damaged

  • keep most records for five years

  • you need to be able to show us your records if we ask for them

  • they must be in English or easily converted to English.

Records you may need to keep include:

  • BPAY or PayPal records

  • tax invoices for purchases over $82.50

  • stocktake records

  • a list of creditors and debtors

  • wages records (including directors’ fees)

  • Super guarantee contributions paid to each employee and how they were calculated.

Please contact us on if you seek further assistance on this topic.

Source: ATO January 2021
Reproduced with the permission of the Australian Tax Office. This article was originally published on https://www.ato.gov.au/Newsroom/smallbusiness/General/New-year,-new-habits/.

Important:
This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. 

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