Policy Statement
For any transaction that has a financial element, the ATO requires you to keep:
- copies of invoices and receipts you provide for goods sold or services rendered
- invoices for goods or services you purchase, or bills you pay such as rent, rates,
- insurance, licence fees
- payments to employees and to other organisations on behalf of employees, such
- as super funds, and PAYG tax
- financial statements including profit and loss statement and balance sheet
- tax return information
- bank account and credit card statements
- end of year stocktake records, assets register.
Good practice records management should include preparing and using both the profit and loss budget and cash flow forecast.
Business Record Keeping
In addition to your ATO financial records requirements, other government departments require you to keep records relating to your business and employees.
When setting up your record keeping system, keep:
- contracts, insurance agreements and other legal documents
- your lease – if you are renting
- licences and permits
- employee records – including time sheets, copies of pay slips
- safety records, such as risk assessment for occupational health and safety In development.