Payments you receive

You need to keep written evidence for payments you have received, such as:

  • salary, wages and allowances (if you’re an employee as well as a small business owner)
  • government benefits and pensions
  • other pensions or annuities
  • income from interest, dividends, managed funds or rental properties.

Payment

Evidence

Salary, wages and allowances

  • Your income statement (the equivalent of PAYG summary, previously known as a group certificate) if your employer reports to the ATO through Single Touch Payroll (STP). 
  • Your Pay as you go (PAYG) payment summary – individual non-business. 
  • A signed letter or statement from your payer, which provides the same information as a payment summary, if you don't have a payment summary.

Government benefits and pensions 

  • Your income statement (the equivalent of payment summary) if the agency that pays you is reporting to the ATO through STP.
  • Your PAYG payment summary – individual non-business. 
  • A letter from the agency that pays you, showing the amount you received.

Other pensions or annuities 

  • Your income statement (the equivalent of payment summary) if your employer or payer is reporting to the ATO through STP.
  • Your PAYG payment summary – individual non-business. 
  • Your PAYG payment summary – superannuation income stream.

Income from interest, dividends, managed funds or rental properties 

  • Statements, passbooks or other documentation from your financial institution showing the amount of interest you received. 
  • Statements from the company, corporate unit trust, public trading trust or corporate limited partnership that pays dividends or makes distributions to you. These records should show 
    • the amount of franked and unfranked dividends 
    • the amount of franking credits 
    • any tax file number amounts withheld from unfranked dividends. 
  • Statements or advice from managed funds showing the amount distributed to you. The statement should show details of 
    • the amount of any primary production or non-primary production income 
    • any capital gains or losses 
    • any foreign income 
    • your share of any credits, such as franking credits.
  • Records of the rent you received, such as 
    • a statement from your property agent 
    • a rent book or bank statements showing rental payments transferred into your account 
    • records of any bond money retained in place of rent.

Record keeping

Steps Progress

Record keeping overview

10 mins

Tasks and tips

6 mins

Starting your business records

2 mins

Digital record keeping

5 mins

Manual or paper record keeping

2 mins

Banking records

2 mins

Income records

3 mins

Accounting for private use of assets

9 mins

Motor vehicle deductions records

2 mins

Home-based business deductions records

1 mins

Other deductions records

1 mins

Stock and asset records

5 mins

GST records

1 mins

Employee records

7 mins

Car fringe benefits records

1 mins

Expense payment FBT records

2 mins

Contractor records

2 mins

Sharing economy records

1 mins

Cryptocurrency records

1 mins

Records for other taxes

5 mins

Sole trader structure records

4 mins

Partnership structure records

3 mins

Company structure records

3 mins

Trust structure records

1 mins

Changing your business structure records

1 mins

Selling or closing your business records

2 mins

Related courses

1 mins

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