Basic record keeping requirements
5 Ways Of RECORDKEEPING AND FILING REQUIREMENTS ,Setting up the right record keeping system for your business will help you work efficiently, meet legal requirements and strengthen customer and staff relationships.
5 Ways Of RECORDKEEPING AND FILING REQUIREMENTS
There are certain record keeping requirements for businesses in Queensland, and there may be specific laws and requirements related to your industry sector. It’s a good idea to protect yourself by seeking expert advice before setting up a record keeping system for your business.
Laws that apply to your business will determine how long you need to keep records for. If you use an electronic record keeping system, you must also be able to produce a hard copy of a record if the Australian Taxation Office (ATO) or Australian Securities and Investments Commission (ASIC) request it.
End of financial year records
5 Ways Of RECORDKEEPING AND FILING REQUIREMENTS,To meet legal requirements, maximise your tax return or minimise your tax bill at the end of the financial year, keep the following records:
- details of stock on hand – at the beginning and end of the financial year
- a list of debtors and creditors – for the entire financial year
- capital gains details – records of asset purchase dates and agreements, records of sale, disposal and proceeds received, details of commissions paid or legal expenses, improvements made to an asset and any other records relevant to how you calculate your capital gain or capital loss