Record keeping
Good business records help you manage your business and make sound business decisions. They are also useful if you want to sell your business.
Under tax law, you must keep records to record and explain your business transactions. You're required to keep records relating to income tax, GST, payments to employees and business payments.
You can keep your records on paper or electronically. A variety of electronic record keeping packages are available.
What to do...
- Read record keeping essentials about paper and electronic record keeping and reporting.
- Read the Australian Taxation Office's guide to Record keeping for small business.
- Use the Record keeping evaluation tool to decide what records you need to keep.
This content is supplied to Flying Solo via business.gov.au,
the Australian Government's principal website for business information and resources.
