It is important you keep accurate and complete records of your income and expenses for seven years.
Records of income
You should keep these records of your income and expenses:
- tax invoices – everybody keeps these. It's important to keep them if you're registered for GST and you’re invoicing a customer, client or another GST-registered person
- other invoices
- credit card sales – you’ll need to keep all copies of the vouchers and voucher schedules.
- debit notes – if you're registered for GST, you must provide these to your customers (clearly marked as a ‘debit note’) if the price of your goods or services goes up after you issue your original tax invoice.
- credit notes – if you're registered for GST, you must provide these to your customers (clearly marked as a ‘credit note’) if the price of your goods or services drops after you issue your original tax invoice.
- cash register tape – you’ll need to keep this if your business makes a lot of cash sales and does not have to issue tax invoices for each sale. Record all cash sales onto the tape.
Records of expenses
Records of expenses should include:
- tax invoices for purchases of more than $50 if you want to claim these in your GST return. You must get the when you buy goods or services for a business
- evidence of payment, for example invoice, cash sale docket, till receipt)
- evidence of credit card purchases, including credit card vouchers, payment receipts and monthly statements. Also keep the invoice issued at the time of purchase.