Record Keeping
Essential guidance on maintaining accurate business, tax, and SMSF records — helping you stay compliant with ATO requirements and avoid costly errors.
Official ATO Resources
Business Record-Keeping Requirements
Check what records to keep based on your business size, structure and stage.Record-Keeping Tips
Top tips to help your business avoid common record-keeping errors.SMSF Record-Keeping Requirements
How SMSF trustees can meet their responsibility to keep accurate tax and super records.Keeping Good Records
Good record keeping is more than knowing which records to keep and for how long. It involves having a system that makes it easier for you — and any professional you use — to complete audits, lodge returns, and reduce administration costs.
💡 Pro Tip
Create separate files for permanent records (trust deeds, investment strategies, trustee minutes) and records relating to a specific financial year. Take minutes of all investment decisions, including why a particular investment was chosen and whether all trustees agreed.
Starting Your Business
Work out what records you need to keep when you start your own business, including goods you bring into the business.
Running Your Business
Records for BAS lodgements, tax returns, employing workers, crypto assets, and day-to-day transactions.
Changing Structure or Closing
Specific records required when you change your business structure, sell, or close your business.
How to Keep Records
Manual Bookkeeping
Paper-based systems suitable for very small operations with minimal transactions.
Electronic Bookkeeping
Accounting software, web-based systems, spreadsheets, and POS systems for growing businesses.
Cloud & Backups
Back up information regularly to protect your records in an emergency. Cloud solutions offer accessibility and security.
Employment & Payroll Records
Pay Slips & Rosters
Employers must keep accurate pay slip records, rosters, and timesheets for all employees. These records support fair work compliance and payroll accuracy.
- Pay slips issued within one working day of payment
- Rosters showing scheduled work hours
- Timesheets recording actual hours worked
How Long to Keep Records
Most business records must be kept for at least five years from the date they are prepared, obtained, or the transaction is completed — whichever occurs latest.
- Tax and superannuation records: generally 5 years
- Employment records: per Fair Work requirements
- SMSF records: per ATO SMSF guidelines
Benefits of Good Record Keeping
ATO Compliance
Meet your legal obligations and avoid penalties from incomplete or inaccurate records.
Tax Efficiency
Claim all eligible deductions and ensure accurate BAS and tax return lodgements.
Better Decisions
Clear financial data helps you understand cash flow and plan for business growth.
Need Help With Your Records?
Our team can set up paperless bookkeeping systems, organise your records, and ensure ATO compliance. Get in touch today.
Contact Belmont Wattle Accountants Call 0418 942 563