The small business specialists
Phone: 13 12 49
As a business owner you must keep business records and documents for tax purposes. Keeping good records of your transactions and tax invoices will help you to monitor the financial performance of your business as well as comply with your tax obligations.
You are legally required to keep records for a period of at least five years after they are prepared, obtained or the transactions completed (whichever occurs last).
Records must be in English and in a format accessible to the Australian Tax Office (ATO). You can incur penalties if you do not keep the right tax records.
Your obligations to keep records continue even after you sell or close your business.
It is a good idea to set aside time each week to maintain your business records.
TIP: The ATO has developed a record keeping evaluation tool to assist you to find out what records you need to keep for your business.
You are required to keep various business records for tax purposes.
The ATO has information and a record keeping tool detailing the exact records you need to keep.
The ATO will visit you at your place of business or preferred location to help you understand and comply with your tax obligations.
The information they provide is confidential and is not reported back to the ATO. You can book an assistance visit online or by phoning the ATO on 13 28 66 (during office hours).
You can also get a registered tax or BAS agent to help you. Registered agents are qualified and experienced with tax and can legally charge you a fee.