Tips for keeping good records as a small business.

Do you find business record-keeping complicated? The ATO provides a range of introductory resources to develop good record-keeping practices and keep correct and complete tax records.

ATO tips to keeping good records:

  1. obtain valid tax invoices for all purchases that include GST
  2. keep accurate records of all sales and purchases
  3. store a copy of all records electronically, including a system backup in case of damage to hard copies
  4. keep records that contain enough information to calculate and support the amounts claimed on their BAS
  5. retain all tax invoices and other GST records for five years.

 

Keep good records, it will assist reducing time spent fixing common reporting errors. You can then spend more time running a more effective business (and/or providing some time away from the business). Keeping and maintaining good records will also help facilitate faster processing of assessments and potential refunds.

 

Have a look at the ATO’s record-keeping evaluation tool to evaluate how well your business records are being kept.

Other useful ATO links :

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