Setting up the right record keeping system for your business will help you work efficiently, meet legal requirements and strengthen customer and staff relationships. There are certain record keeping requirements for businesses in Queensland, and there may be specific laws and requirements related to your industry sector. It's a good idea to protect yourself by seeking expert advice before setting up a record keeping system for your business. Laws that apply to your business will determine how long you need to keep records for. For financial reporting, ASIC's Regulatory index - financial reporting breaks reporting requirements down by business type. Read more about keeping your workplace safe.
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Why should I keep records? Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns. What kinds of records should I keep? You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
Record keeping: the legal requirements
Members may download one copy of our sample forms and templates for your personal use within your organization. Neither members nor non-members may reproduce such samples in any other way e. Record-keeping requirements can be confusing given that there are numerous regulations that govern some aspect of employer record-keeping and retention.
Croner-i is a comprehensive knowledge and resource platform that enables professionals to stay ahead of change in their industry, with legislation, trends and best practice. Call to learn more. Last reviewed 28 March In the first in a four-part series of articles on record keeping, Chris Payne provides guidance on the legal requirements. Record keeping is an important, if time consuming and often irksome, activity for care service managers and their staff.