What records do I need to keep for my business?

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What records do I need to keep for my business?

As a business owner, it is important to keep accurate records of all your financial transactions to help you manage your business and comply with tax laws. The specific records you need to keep will depend on your business structure and industry, but generally, you should keep records of:

  1. Income: This includes sales invoices, cash register tapes, and bank deposit slips.
  2. Expenses: This includes receipts, invoices, and bank statements for all expenses related to your business, such as rent, utilities, inventory, and travel.
  3. Payroll: This includes records of all employee wages and taxes, such as pay slips, leave records, and superannuation contributions.
  4. Assets: This includes records of all assets you purchase for your business, such as equipment, vehicles, and property.
  5. Taxation: This includes records of all tax-related documents, such as GST and PAYG withholding reports, and records of all tax payments made.

It is important to keep records for at least 5 years, and it is a good practice to use accounting software and keep the records electronically to have better access and organisation.

It’s also important to note that depending on the nature of your business, there may be other records that are required by law to be kept, such as records of food safety, occupational health and safety, etc.

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