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The following list is very important to consider if you
- Thinking of starting a business.
- Owner and responsible for maintaining business records.
- Responsible for managing small business records, such as if you are an accountant or tax agent.
1. Legal requirements
It is a legal requirement that you keep good records. The law says you must keep business records.
- Within 7 years after the preparation or completion of the transaction, whichever comes first
- In English or an accessible and understandable format to determine how much tax you have to pay.
- The capital gain calculation for long-term obsolete assets.
- You have a choice: keep the record in paper or electronic form.
- “Buying a notebook or cashbook from a stationery store or newsstand can make it easy.
- If you choose the electronic form, you should be familiar with the principles of accounting and how the software calculates and processes the data.
2. Save on sales.
- Invoices include tax invoices.
- Receipt of sale
- Credit card application
- Cash bar
- Ledger and account statement
3. Write down purchases/expenses.
- Supplier invoice, including tax invoice
- Purchase receipts including ABN.
- Check bottoms and bank statements.
- Credit card application
- Records show you use your purchases.
4. Save on your employees’ salaries.
- Tax file number and declaration of tax return
- Disable change notification.
- Salary information
- PAYG Payment Summary
- Annual reports
- Save your pension.
- Record all the benefits offered.
5. Keep PAYG log
- Record any amount withheld from payments without ABN.
- A copy of the PAYG voluntary deduction agreement.
- Calculation of payments under a voluntary agreement
- PAYG Payment Summary
- PAYG Payment Summary – Termination Fee
- Annual reports
IMPORTANT: For more information click BAS Services in Australia
