As a business owner, you are responsible for understanding and meeting your GST record-keeping obligations. This is the case even if you use a registered tax adviser, accountant, or bookkeeper to help you.  

Benefits of record-keeping

Maintaining records that are accurate and complete, enables you to:

• monitor whether your business is running at a profit or loss
• keep track of money you owe and money owed to you
• monitor your cash flow to help you to make payments on time
• demonstrate your financial position to others such as lenders or other businesses
• prepare and lodge your BAS and income tax return
• avoid penalties which may apply for failing to keep records.