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Record keeping requirements for Queensland small businesses

23 March 2020

Good record keeping is a critical to nearly every aspect of managing your business. And while businesses can use different record-keeping systems and processes, they’re all subject to the same financial record-keeping requirements.

This guide is a good starting point to help you understand what records your business needs to keep.

Cash movement records

Record keeping is crucial when it comes to staying on top of your incoming and outgoing cash. Keep receipts of all cash income and payments, and hold onto bank records like deposit books and bank statements.

Sales records

It’s important to keep tabs on your day-to-day sales. Track invoice and receipt books, cash register tapes, credit card documentation, and any credits you’ve made for goods returned.

Expense and purchase records

For tax purposes and to stay on top of your cash flow, keep records of all your business expenses, including your petty cash system, credit card statements, invoices and any documents related to business purchases, such as copies of leases and other ongoing costs.

End of financial year requirements

No business wants to scramble at the last minute once it’s tax-time. As EOFY nears, you’ll want to make sure you have a wide range of records for tax purposes, including:

  • details of stock on hand at the beginning and end of the year
  • details of debtors and creditors for the period – ask your accountant what you need to give them
  • purchase agreements or tax invoices for business purchases like computers that are eligible for depreciation
  • records of purchases and expenses, including contracts, loan agreements, rental agreements, lease agreements, franchise agreements, sale and lease back agreements, trading agreements with suppliers, legal documentation, evidence of deposits with utilities, contracts with telephone companies and your business name registration certificate
  • staff and wages details, including employment contracts, tax deducted, fringe benefits, superannuation and related matters such as sick pay and holiday pay, and
  • stock records, accounts receivable, accounts payable, and other basic accounting records.

You’ll also want to stay up-to-date on any reporting changes required in the new financial year. Talk to your accountant or tax adviser so you’ll be prepared for the year to come.

Control your cash flow with a business banking account

A Suncorp Business Premium Account makes it easy to manage your day-to-day business banking and keep track of income and spending. It’s great for accounting too, since you can feed transaction data directly into Xero or MYOB. Plus, there are no account keeping fees.

Discover Suncorp’s Business Premium Account 

Know your responsibilities as a business

The ATO says business owners should know where they’ll able to find tax advice if they need it and they offer a range of online support for small business owners.

For more complete information on Queensland small business record keeping, visit the Business Queensland website and talk to your accountant or tax adviser. A tax professional can help you set up a record-keeping system that’s right for your business and help you understand all your financial record-keeping responsibilities.

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The information is intended to be of a general nature only. Please make your own enquiries.

Business Premium Account is issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No: 229882 (“Suncorp Bank”). Other Fees and charges may apply. Please read the Product Information Document before making any decision regarding this product. For a paper copy visit your local branch or contact us on 13 11 55.

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