Record keeping

Tax return records

Your business records must contain enough information for you to be able to accurately calculate and substantiate the income you report in your tax return.

Information your records need to show for your business's assessable income	Examples of types of records
Gross sales and income from your business received in cash, online, using credit or debit cards or using EFTPOS. Other money received such as: income earned from the sharing economy foreign income personal services income some payments outside of ordinary business activities government payments assessable income from crowd funding activities commissions, investment earnings, gratuities and compensation payments sale of assets interest on a loan. Other business transactions involving bartering or trade exchanges are subject to the same income tax and GST treatment as normal cash or credit transactions.	Tax invoices Bank statements Merchant facility statements (for EFTPOS and credit card facilities) Receipt books, cash receipts EFTPOS receipts Tap-and-go (contactless) payment records Smart phone and tablet card processing records Online payment receipts (for example, eBay, PayPal, Apple Pay, Stripe, WeChat) Cash register tapes Records of cash sales Actual cost of sales analysis Reconciliation of daily sales sheets Loan agreements

Information your records need to show for your business's assessable income

Examples of types of records

Gross sales and income from your business received in cash, online, using credit or debit cards or using EFTPOS.

Other money received such as:

income earned from the sharing economy
foreign income
personal services income
some payments outside of ordinary business activities
government payments
assessable income from crowd funding activities
commissions, investment earnings, gratuities and compensation payments
sale of assets
interest on a loan.

Other business transactions involving bartering or trade exchanges are subject to the same income tax and GST treatment as normal cash or credit transactions.

Tax invoices
Bank statements
Merchant facility statements (for EFTPOS and credit card facilities)
Receipt books, cash receipts
EFTPOS receipts
Tap-and-go (contactless) payment records
Smart phone and tablet card processing records
Online payment receipts (for example, eBay, PayPal, Apple Pay, Stripe, WeChat)
Cash register tapes
Records of cash sales
Actual cost of sales analysis
Reconciliation of daily sales sheets
Loan agreements

If you use cash register tapes, keep the full rolls of tape for:

one month if you keep Z-totals and they have been reconciled with actual sales and the amount you banked
5 years if you don't keep Z-totals and reconciliations.

How long to keep tax return records

The records of the information you use to complete your tax return need to be kept for 5 years, starting from when you prepared or obtained the records, or when you completed the transactions the records relate to, whichever is later.

You should keep records long enough to cover the period of review (also known as the amendment period) for an assessment that uses information from the record.

Record keeping overview

10 mins

What is a record?	0%
Five rules for record keeping	0%
Benefits of keeping accurate and complete records	0%
Setting up and managing your business records	0%
Accountability for record keeping	0%
Digital or manual record keeping?	0%
Storing your records	0%
Activity	0%

Tasks and tips

6 mins

When to do record-keeping and reporting tasks	0%
Tips for banking records	0%
Record-keeping tips	0%
Activity	0%

Starting your business records

2 mins

Bringing goods you already own into your business	0%
ABN registration	0%
Evidence you are in business	0%
Activity	0%

Digital record keeping

5 mins

Advantages of keeping your records digitally	0%
Digital storage of paper records	0%
Providing the ATO with copies of records	0%
Cloud storage	0%
Choosing record-keeping software	0%
ATO app	0%
Activity	0%

Manual or paper record keeping

2 mins

Paper record keeping	0%
Digital storage of paper records	0%
Activity	0%

Banking records

2 mins

Banking	0%
Bank accounts	0%
Activity	0%

Income records

3 mins

Tax return records	0%
Personal Services Incomes (PSI) records	0%
Pay as you go instalment records	0%

Accounting for private use of assets

9 mins

Private use of business assets	0%
Using trading stock for private purposes	0%
Avoid mistakes	0%
Common mistakes	0%
Claiming deductions for private assets	0%
Incorrectly apportioning deductions	0%
Private company benefits giving rise to a deemed dividend	0%
Creating an FBT liability	0%

Motor vehicle deductions records

2 mins

Motor vehicle deductions records	0%

Home-based business deductions records

1 mins

Home-based business deductions records	0%

Other deductions records

1 mins

Other deductions records	0%
Business travel expenses	0%

Stock and asset records

5 mins

Records from stocktakes	0%
Records of depreciating assets	0%
Capital gains tax assets	0%

GST records

1 mins

Records required for GST	0%

Employee records

7 mins

Payments made to employees	0%
Super contributions for employees	0%
Super fund choice records	0%
Pay as you go (PAYG) withholding records	0%
Fringe benefits tax records	0%

Car fringe benefits records

1 mins

Car fringe benefits records	0%

Expense payment FBT records

2 mins

Expense payment FBT records	0%

Contractor records

2 mins

Contractor records	0%

Sharing economy records

1 mins

Sharing economy records	0%

Cryptocurrency records

1 mins

Cryptocurrency records	0%

Records for other taxes

5 mins

Fuel tax credit business records	0%
Luxury car tax records	0%
Wine equalisation tax records	0%
Petroleum resource rent tax records	0%

Sole trader structure records

4 mins

Record-keeping requirements	0%
Payments you receive	0%
Expenses that relate to earning your employment incomes	0%
Expenses that relate to other payments you receive or make	0%

Partnership structure records

3 mins

Record-keeping requirements	0%
Purchase or sale of a business during the year	0%
Record keeping for overseas transactions	0%

Company structure records

3 mins

Record-keeping requirements	0%
Consolidated or multiple entry consolidated groups	0%
Record keeping for overseas transactions and interests	0%

Trust structure records

1 mins

Record-keeping requirements	0%
Record keeping for overseas transactions	0%

Changing your business structure records

1 mins

Changing your small business structure records	0%

Selling or closing your business records

2 mins

Selling or closing your business records	0%

Related courses

1 mins

Related courses	0%

Course Feedback

Course Feedback	0%