Recordkeeping for a Small Business
When owning a business, keeping your detailed records in order is super important in relation to your tax and superannuation affairs.
Keeping records of all transactions related to your business is helpful when it comes to tax and superannuation as you start to run, sell, change or close your business. Accurate and complete records for all your business transactions will aid in helping you manage your business and its cash flow.
You are legally required to keep records of all transactions relating to your 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.
Understanding the record-keeping rules is crucial for your business. There can be legal and financial consequences if your business doesn't comply with these record-keeping requirements.
For more information including record-keeping for your business, an overview of record-keeping rules, setting up and managing records, and detailed requirements for record-keeping, the CBG Partners team is here to assist you!
CBG Partners is also equipped with a qualified bookkeeping team to take the extra pressure off when running your own business.
Do you struggle to successfully keep your records in order? We can help!