Record Keeping for Small Business

Record Keeping for Small Business from BookSenz Pty Ltd

By: BookSenz Pty Ltd  03-Oct-2015
Keywords: Bookkeeping, Gst, Business Planning

Keeping track of your financials are a key part of running a business. This helps you understand your GST, payroll and income tax obligations. When a business is operating, it must keep all tax invoices/receipts for at least 5 years and have these on hand when claiming a GST credit. If you DO NOT have tax invoices/receipts for any expense over $82.50 (including GST), under the GST law your business CAN NOT claim a GST credit at that time of the BAS period. Records that all businesses need to keep are: income and sales records expense or purchase records financial year-end records bank records A business whose turnover is less that $75,000 may register for GST but a business must register for GST once turnover reaches $75,000 in any given year. For more information on starting a business or your record keeping obligations view our website:

Keywords: Accounting & Bookkeeping, Accounts Receivable, Bas Agent, Book Keeping, Bookkeeper, Bookkeeping, Bookkeeping and Payroll, Bookkeeping Professionals, Bookkeeping Service, Bookkeeping Services, Business Accountants, Business Bookkeeping, Business Obigations, Business Planning, Gst, Income Tax Returns, Joondalup Bookkeeper, Perth Bas Agent, Public Accountants, Record Keeping, Tax Advice, Tax Services, Two Rocks Bookkeeper, What Records to I Need to Keep for Business?,

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