It’s a legal requirement to keep your business transaction records for a minimum of five years, so it’s important you have good record keeping practices. The records you must keep include all documents relating to your income and expenditure.
A strong bookkeeping system can help you keep accurate records for a range of purposes. Use it to:
- analyse business activities
- attract investors
- seek finance
- lodge and pay tax
- meet your reporting requirements.
It can be difficult to set up your own system without a bookkeeping background. So if you need help getting started, contact your accountant, bookkeeper or business advisor. You might also want to talk to your accountant or bookkeeper to see whether they have preferred software packages that may assist. Once your system is ready, the right training, effort and discipline can help you take control of your finances.
Record Keeping
- a summary of income and expenses in profit and loss statement
- conducting a stocktake or your inventory on 30th June
- a summary of your record of debtors and creditors
- records of your equipment or asset purchases or expenditure on improvements
- completing and lodging your income tax return
- lodging yearly reports or returns for PAYG withholding, fringe benefits tax (FBT), Goods and Services Tax (GST), and the taxable payments reporting system
- any superannuation requirements to be met