Do you find record keeping for your small business complicated?
We are here to help you learn about good record-keeping practices and keep correct and complete tax records.
The top tips to help keep good records are:
- Obtain valid tax invoices for all purchases that include GST
- Keep accurate records of all sales and purchases
- Store a copy of all records electronically, including a system backup in case of damage to hard copies
- Keep records that contain enough information to calculate and support the amounts claimed on your BAS
- Retain all tax invoices and other GST records for five years.
If you keep good records, it reduces the time spent fixing common reporting errors. It also means we can help your business become more effective and run more efficiently. Keeping and maintaining good records will also help facilitate faster refunds if ATO ever need to contact you about your GST claims.
Contact our Office today and we can offer a review of your current record keeping to ensure it is appropriate to your circumstances.