Tax Basics

Business records you need to keep

You are required to keep certain records for reporting to the Tax Office, including:

Records relating to income tax and GST
Sales records

sales invoices (including tax invoices)
sales vouchers or receipts
cash register tapes, credit card statements
bank deposit books and account statements
Purchase/expense

purchase/expense invoices (including tax invoices)
purchase/expense receipts (which include an ABN)
cheque butts and bank account statements
credit card statements
records showing how you calculated any private use component
Year-end income tax records

motor vehicle expenses
debtors and creditors lists
stocktake sheets
depreciation schedules
capital gains tax records
Records relating to payments to employees
tax file number declarations and withholding declarations
worker payment records
PAYG payment summaries
annual reports
superannuation records
records of any fringe benefits provided
PAYG withholding records relating to business payments
records of amounts withheld from payments where no ABN was quoted
a copy of any PAYG withholding voluntary agreements
records of voluntary agreement payments
PAYG payment summaries
annual reports

Tax basics <<<<<<