What records will I need to keep?

Whatever business you’re running, keeping accurate and up-to-date financial records is essential, not only for effective management of your business, but also for tax purposes.

Just some of the records you should maintain are:

• sales slips
• paid bills
• invoices
• receipts
• bank deposit slips
• debit and credit card slips
• travel tickets, and
• email records.

The Australian Tax Office (ATO) web site provides detailed information of what records it requires you to maintain.

The ATO also provides e-Record – free record keeping software.
It helps small businesses (including non-profit organisations) to keep good business records and meet their taxation reporting obligations.