![]() ![]() Original purchase agreements or tax invoices.Any other records relevant to how you calculate your capital gain or capital loss.Details of commissions paid, legal expenses and improvements made to an asset.Records of sale and asset purchase dates and agreements.Details of all your debtors and creditors for the period-ask your accountant what you need to give them.Details of stock on hand at the beginning and end of the year, to work out whether the business has a taxable income for tax purposes.Keep these records to meet legal requirements and to accurately determine your tax position at the end of the financial year. ![]() Make sure any physical backup copies are stored in a separate location to your business in case of fire, theft or a natural disaster. Make sure any online system protects the privacy and security of your business and customers.Ĭheap backup options include memory sticks and external hard drives. They are generally inexpensive and offer benefits for flexible work and business continuity. Online (or 'in the cloud') backup services allow you to access records from anywhere, at any time. Daily backups are recommended, particularly for important records. Set up a secure electronic backup system to ensure records are safely stored and regularly backed up. If you use an electronic record-keeping system, you must be able to produce a hard copy of a record if the ATO or Australian Securities and Investments Commission (ASIC) request it.įind financial reporting requirements broken down by business type from ASIC. Learn more about protecting privacy and information. You should develop a privacy policy and train staff to implement it. ![]() You will need to pay particular attention to securing online and electronic records. New technologies make it easier to access, transmit and misuse personal information. Read the Office of the Australian Information Commissioner's guide to privacy for small business to help you apply the national privacy principles. You may have to comply with the Privacy Act 1988. If you collect and keep customer records, you'll need to protect and respect your customers' privacy. Understand your SuperStream requirements as an employer (including if you are self-employed). Make sure your accounting software is compliant with SuperStream. This ensures money and data are sent electronically in a standard format across the superannuation system. You must use the ATO's SuperStream to pay employee superannuation guarantee contributions to super funds. The ATO provides a register of software products that support STP reporting, including low-cost options for micro employers. You should check that STP reporting is included in your accounting software. This is known as Single Touch Payroll (STP). Software for Single Touch PayrollĪll businesses must report tax and superannuation information directly to the ATO. Consult with your accountant, financial adviser or industry organisation to assist with identifying the most appropriate software package. There are many commonly used purchased accounting systems used by small businesses that are billed monthly or purchased outright. There are free software packages available but make sure these meet your business's needs. There are many software packages that allow you to successfully control records without needing accounting experience. keep detailed sales records on customers.allow for interface with other IT systems including online payments, data spreadsheet packages and customer relationship management (CRM) systems.track separate financial records for each business or department within your business.track stock, work in progress, orders, sales, and other task management requirements.pay-as-you-go withholding, annual leave and long service leave) ![]()
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