Records to Keep

Receipts - including sales records, cash register tapes, deposit books and bank statements

Purchases - receipts from small cash purchases, cheque butts and a logbook for car expenses

GST Records - Tax invoices and adjustment notes

Wages Records - Including worker payments records, current employment declarations, tax file number declarations, withholding declarations, and superannuation records

Records of amounts withheld from payments where no ABN was quoted

Year-End Records - Such as stocktake sheets, creditor list, debtor list and depreciating asset worksheets

Records of Assets that may be subject to capital gains tax need to be kept for 5 years after the sale of the assets

Receipts for sale including credit card dockets and cash register tapes must be kept for:

•  If reconciled with actual sales - at least 1 month 

• If not reconciled - 5 years.