Start the new year off on the right foot

Manage your invoices, payments and records

Good records help you monitor your business health, analyse your cashflow and demonstrate your financial position to lenders, businesses and accountants. Under tax law, your records must:

  • explain all transactions

  • be in writing

  • be in English

  • be kept for five years (although some records need to be kept longer).

Seeking advice or help

Ask for help or advice sooner rather than later. Our seminars, workshops and advisory visits can help you work out what you need to do. You can also get advice from tax professionals and organisations that specialise in assisting small business. We can also help you if your records are lost or destroyed.

Getting started

Most businesses need to set up bank accounts first. If you're starting a business, you'll also need to choose between manual or electronic systems to manage your records, invoices and payments. Keep records up to date and, when you store them, make sure you consider security issues such as back-ups and flood-proof storage.

Income, expenses and tax returns

Recording and monitoring your income and expenses is essential, so you understand exactly what money goes through your business and why. If you are carrying on a business, you need to keep records explaining all transactions that relate to your tax affairs. This will enable you to lodge tax returns each year.

GST and fuel tax credits

The GST you collect does not belong to you – you collect it on our behalf. You must be able to pay this money (less any GST credits you can claim yourself) to us by the due date. You may also be able to claim fuel tax credits if you use fuel in machinery or equipment but you must be registered before you can claim.

Employees, contractors and suppliers

How you deal with suppliers may depend on whether or not they quote an ABN on their invoices. The records you need to keep for workers will depend on whether or not they are contractors or employees.

Debtors and creditors

Debtors are people who owe your business money, while creditors are people to whom your business owes money. Keeping track of debtors and creditors will help you manage your cash flow. You may need a list of your debtors and creditors as at 30 June to complete your business accounts and tax return.

Seeking advice or help

Ask for help or advice sooner rather than later. Our seminars, workshops and advisory visits can help you work out what you need to do. You can also get advice from tax professionals and organisations that specialise in assisting small business. We can also help you if your records are lost or destroyed.

Getting started

Most businesses need to set up bank accounts first. If you're starting a business, you'll also need to choose between manual or electronic systems to manage your records, invoices and payments. Keep records up to date and, when you store them, make sure you consider security issues such as back-ups and flood-proof storage.

Income, expenses and tax returns

Recording and monitoring your income and expenses is essential, so you understand exactly what money goes through your business and why. If you are carrying on a business, you need to keep records explaining all transactions that relate to your tax affairs. This will enable you to lodge tax returns each year.

GST and fuel tax credits

The GST you collect does not belong to you – you collect it on our behalf. You must be able to pay this money (less any GST credits you can claim yourself) to us by the due date. You may also be able to claim fuel tax credits if you use fuel in machinery or equipment but you must be registered before you can claim.

Employees, contractors and suppliers

How you deal with suppliers may depend on whether or not they quote an ABN on their invoices. The records you need to keep for workers will depend on whether or not they are contractors or employees.

Debtors and creditors

Debtors are people who owe your business money, while creditors are people to whom your business owes money. Keeping track of debtors and creditors will help you manage your cash flow. You may need a list of your debtors and creditors as at 30 June to complete your business accounts and tax return.

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