Set up record keeping & accounting systems
It's a legal requirement for you to keep records of your business transactions for a minimum of five years, so it's important that you have good record keeping practices in place. The records you must keep include all documents relating to your income and expenditure. Keeping good records makes paying your taxation and other business transactions much easier and helps you to monitor how your business is going. You also need to keep other important papers, legal documents and contracts in a safe place, so make sure to set up a filing system for easy retrieval.What to do...
See the Tax Office for extensive information on record keeping essentials.Read the Tax Office guide on budgeting to pay your tax.
This content is supplied to Flying Solo via business.gov.au,
the Australian Government's principal website for business information and resources.
