Bookkeeping and Record Keeping
Record Keeping Tips
The ATO have some valuable advice for Small Business on how to make your Record Keeping easy and not so time consuming.
Records need to:
- explain all your business transactions
- be in writing (in English)
- be kept for at least five years (we may ask you to provide claims evidence of claims made in that time).
Tips to make keeping records easy:
- keep records electronically (if possible)
- keep evidence of all transactions
- take pictures of your receipts to avoid faded records
- keep all business records including income, expenses and bank records
- keep your business records separate to your personal records
It is also worth noting that fro 1st July 2017 Simpler BAS is now the default reporting method for Businesses with a turnover of under $10 million.
Small businesses only need to report:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
The following GST information is no longer required:
- G2 Export sales
- G3 GST-free sales
- G10 Capital purchases
- G11 Non-capital purchases
There is a variety of third party software available to aid your record keeping and tax return lodgement. Using accounting software is pretty much essential today. By keeping your records electronically it saves you and your accountant so much time and makes ATO lodgement very easy. This in turn keeps fees down and makes accounting a lot more cost effective.
If you are organised and dedicate time per week to perform your data entry for your BAS statements and other tasks you will keep on top of your obligations. So many times clients get behind because they do not spend time everyday or every week entering data into their account software. As little as 30 mins a week can really break the back of your data entry. Don’t just raise invoices to your clients make sure you get your expenditure correlated and entered into your accounts. Over time you will get more efficient and know exactly how long you need to spend a day or a week to keep yourself up to date. We offer bookkeeping services if you require any assistance and can do as many tasks as you see fit. We can do the whole thing or just your overflow.
There are a variety of software products out there for you to choose from. At Tax Genius we work with all industry standard software including
We have Tax Offices with fully qualified Tax Accountants at
Parramatta, Ryde, Liverpool, Fairfield, Miranda, Hurstville, Burwood, Penrith and Mt Druitt.
Find your nearest Taxgenius office