Businesses must keep the following records:
Sales records
- Sales invoices, including tax invoices
- Sales vouchers or receipts
- Cash register tapes, credit card statements
- Bank deposit books and account statements
Records of purchases expenses
- purchase/expense invoices, including tax invoices
- purchase/expense receipts, which include an ABN
- cheque butts and bank account statements
- credit card statements
- records showing how you worked out any private use of something you purchased
Year-end income tax records
- motor vehicle expenses
- debtors and creditors lists
- stocktake sheets
- depreciation schedules
- capital gains tax records.
Good records will help you determine if one is eligible to claim small business capital gains tax (CGT) concessions.
Some of the records your business should keep include evidence of:
- the market value of relevant assets just before the CGT event (to demonstrate eligibility for the $6 million maximum net asset value test)
- carrying on a business, including calculation of turnover (to demonstrate eligibility for the small business entity test)
- how capital losses have been calculated and carried forward to later years
- relevant trust deeds, trust minutes, company constitution and any other relevant documents.
South East Access can provide both on site and offsite bookkeeping services ranging from the simplest data processing through to a full back office service. We have found more and more businesses are realising that by getting all of their invoicing, accounts processing and payroll done by us, they actually are saving money right the first time, reduced end of year accounting fees, and way less stress!
BankLink securely collects electronic copies of your statement information from your bank or financial institution and then delivers this directly to us. This help you easily manage your invoicing and payments to suppliers, without the complexity of a full accounting solution. South East Access is able to provide the business solution to suit your Business.
Benefits for your business
- Simplifies and automates your accounting process
- Saves you time and money – virtually eliminates manual data entry and reduces time spent on bookwork
- Accurate and secure data supplied to your accountant daily, weekly or monthly
- Timely financial reports to help with business decision making (cash flow, P&L etc)
- Reduces stress – you don’t need to understand accounting, you’ll have fewer queries from your accountant, and you won’t need to supply receipts, bank statements or files from other accounting software
South East Access
Suite 25, 44 Deering St Ulladulla 2539
Inquiries Phone: (02) 4454 4444
Office hours are 8:30 am to 5:30 pm
admin@southeastaccess.com.au
