With the end of financial year fast approaching for most businesses, we encourage you to spend a few minutes reading our tips to make the most of your end of financial year and make sure you have got your best business foot going forward.
- Ensure that your business is keeping proper records
- All records must be in English and kept for at least 7 years
- Some examples of the types of records that must be kept are:
- bank statements, all income received, wage records for any employees, interest and dividend payments, a list of business assets and liabilities, all tax invoices and receipts for purchases and motor vehicle log books.
- Tax Invoices - make sure you have them all
- For amounts in excess of $1000 (GST inclusive) make sure all the details are on the tax invoice
- For amounts between $50 and $1000 (GST inclusive) you need the same details with the exception of the purchasers details
- For amounts under $50 (GST inclusive) you don't need to have a GST invoice but you must retain details.
- Proper GST information when buying from a non-registered person