Records you need to keep

If you keep good records, your GST return completion will be easy. A good record keeping system helps you to:

  • keep track of how much money is coming in
  • how much money you're spending
  • prepare your cash flow budget of future income and expenses
  • complete your GST return.

You should keep copies of all:

  • tax invoices you've sent out for payment
  • tax invoices or receipts for items you purchased, e.g. petrol and power
  • till and EFTPOS tapes.
  • Tax invoice requirements
  • Buyer created invoices
  • Schedular payments