It is a legal requirement that all of the records detailed below be kept in English, or in a form that can be readily accessed and used to work out the correct amount of tax you are liable to pay.
A record of every sale and purchase
That contains details of:
- Date of the transaction
- Amount of the transaction
- Name of the supplier
- Australian Business Number (ABN)
- Nature of the goods (including quantity) or service purchased or sold
- Amount of GST
- That the document is intended to be a tax invoice or RCTI (Receipt Created Tax Invoice)
- For every sale over $1,000, the recipients identity or ABN must be included on the tax invoice
Details relating to the calculation of private use portion of something purchased
Credit card and bank statements
Bank deposit books and cheque butts
Debtors and Creditors lists
Stocktake records including:
- A list describing each article of stock on hand and its value
- Who performed stocktake
- How and when stocktake was conducted
- Who valued the stock and the basis for the valuation
Records of depreciating assets including:
- Original purchase agreements or invoices
- Information used to work out deductions such as private use of the asset
- Pooling and immediate write-off of assets if you use simple depreciation rules
Records relating to assets for Capital Gains Tax including:
- Date and cost of the asset acquired (i.e. purchase contract)
- Details of commission or legal expenses paid or incurred to acquire or dispose of the asset
- Details of improvements made to the asset (i.e. renovations to a house)
- Date and proceeds received on disposal of the asset (i.e. sale contract)
- Any other details relevant to calculating the capital gain or loss (such as CGT concessions used)
Payments made to employees including:
- Declarations from employees including withholding variation notices
- Payments made
- PAYG payment summaries
- Annual reports of payments and amounts withheld
- Superannuation records (calculations and payments)
- Records of fringe benefits provided
Details for Fuel tax credits including:
- Fuel acquired (including dates and litres)
- Eligible and ineligible fuel use
- Claim calculations
- Any fuel lost, sold or disposed of