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5 Tips for Keeping a Great Business Record

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Business Record

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

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