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. The Tax Office has tools and information to help, including e-Record, a free electronic record keeping software product.