Good record keeping is one of the most important responsibilities for any Australian business owner. Maintaining accurate records helps you understand your business performance, meet your tax obligations and provide evidence if the Australian Taxation Office ever requests supporting documentation.
Why Record Keeping Matters
The ATO requires businesses to keep records that explain all transactions related to income and expenses.
These records help:
• Prepare tax returns
• Complete BAS statements
• Track business performance
• Support deduction claims
• Meet legal obligations
Without proper records, businesses may face unnecessary complications if they are audited or reviewed.
Records You Should Keep
Most small businesses should maintain records relating to:
Income
• Sales invoices
• Bank deposits
• Payment summaries
• Online sales reports
Expenses
• Receipts
• Supplier invoices
• Utility bills
• Insurance documents
• Vehicle expenses
Employees
• Payroll records
• Superannuation contributions
• Leave records
Assets
• Equipment purchases
• Vehicle purchases
• Depreciation schedules
How Long Should Records Be Kept?
In most cases, business records should be retained for at least five years.
Digital copies are generally acceptable provided they remain clear, accurate and accessible if required.
The Benefits of Going Digital
Digital records offer significant advantages over paper storage:
• Faster document retrieval
• Reduced risk of loss or damage
• Easier sharing with accountants
• Improved organisation
• Better long-term storage
Simplify Your Business Record Keeping
At Get Me Sorted, we help small business owners create organised digital filing systems that make compliance easier and reduce the stress associated with paperwork management.