Record Keeping

ATO New Record Keeping Resources

Written by: Institute of Certified Bookkeepers

Early in 2019, the ATO invited members of the Small Business Stewardship Group (SBSG) to participate in a consultation activity about several issues regarding the structure and content of the ATO website. This included a new business record keeping resource developed for their website. The Record keeping for business resource is now live.

The resource provides a central source of information, covering the core record-keeping requirements for businesses to meet their tax, super and employer obligations. The ATO has identified common record-keeping problem areas to deliver the following improvements:

  • centralised information to make it quicker and easier to find what you need, all in one place
  • expanded, updated and comprehensive information about what is required and how to get it right
  • simplified information to make it easier to understand it and apply it to your situation.

Record keeping continues to be a very important focus area for ATO’s work with businesses.

Businesses are legally required to keep records of all transactions relating to tax and superannuation affairs as you start, run, sell, change or close your business, specifically:

  • any documents related to your business’s income and expenses
  • any documents containing details of any election, choice, estimate, determination or calculation you make for your business’s tax and super affairs, including how (basis or method) the estimate, determination or calculation was made.

To meet record-keeping requirements and avoid common errors, ensure you understand what records are needed for your own business and make accurate and complete record-keeping practices a part of your daily business activities. As business changes or grows, you may need to review what records you need to keep.

There can be legal and financial consequences if your business doesn’t comply with these record-keeping requirements.

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Accountability BAS and Bookkeeping Services provide professional bookkeeping and BAS services to businesses in most Australian states.

What our clients say about us…

“I had the pleasure of being introduced to ABBS through Jo Bacon the WA representative. The professional service.  I have received has been so essential in assisting me with my new business, I am so grateful for the expertise, professionalism and excellent customer service I have experienced.” Marion B

“Thanks to Steve Cocks from ABBS we managed to get all the books up to date and in no time, … and that took the weight off my shoulders so I could focus on developing my business and moving forward in a more organized and structured way, keeping on top of things every month which makes life much easier.”  Elisabeth G

“As an ex-bookkeeper, I’m pretty fussy about how I like things done and I’ve found Caran from ABBS to be a pleasure to work with. She’s competent and efficient and now that I have her helping me with the bookkeeping for my business, I wouldn’t be without her.”  Sandy T

    “As a sole director of a regional law firm,  I’m very conscious of the need to have the proper business support, particularly in the areas of bookkeeping and trust accounting. Since I outsourced those components of my business to ABBS, I feel as if these vital components of my business are in expert hands and I can relax knowing that it is all being done properly , efficiently and legally.  Rob’s expertise with running a business including his insight with managing employees, his ready availability for a discussion at any time on any business matter, his advice and support, have been absolutely invaluable to CastleGate Law.  In addition, Janice from ABBS looks after my trust accounting through Leap with equal efficiency and expertise – she and Rob make a great team for any law firm.  Not only do I feel like I’m sharing the considerable burden of running a law firm, but I feel like in Rob I have someone on my side as a business owner, because of his implicit understanding of business matters, his encouragement and support. For all these reasons I cannot recommend ABBS highly enough as additions to any law firm or business partner. ”  Kate R

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If you would like to get an instant quote:

To be able to provide you with a relatively accurate quote, we will need you to provide some core information that is used for this purpose only.

We suggest you have the bank statements or closely estimate the number of transactions on all business bank accounts and credit cards for the last three months.

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