1. What records do I have to keep?
A person carrying on business must keep records that record and explain all transactions and other acts engaged in by the person. Records to be kept include any documents that are relevant for the purpose of ascertaining the person’s income and expenditure, and particulars of any election, estimate, determination calculation made for the purposes of the Act including the basis or method upon which any estimate or calculation is based. Forms of record keeping include:
- Cash register tapes,
- Invoices issued,
- Receipts,
- Records of cash received,
- Quote books,
- Job sheets,
- Petty cash books and vouchers,
- Cash transaction report,
- Cash receipts book, creditors and invoice statements,
- Motor vehicle log book,
- Bank, building society and credit union documentation,
- Deposit books, cheque books, credit card vouchers,
- Merchant statements,
- Wages records,
- GST records,
- Tax invoices,
- PAYG records,
- Group tax records,
- Employee declarations,
- Superannuation guarantee statements and registration details,
- Accounts,
- Small business entity records,
- Fringe benefits tax documentation,
- Cash payments book,
- Creditors and debtors listing as at 30 June,
- Stock sheets and stock take records,
- All personal investments.
All records are required to be kept for a minimum of seven years.
Go Back
|
