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What Records You Should Maintain? A Guide for Individuals, Business Owners & SMSFs

By on March 4, 2025 in Interesting Articles

What Records You Should Maintain? A Guide for Individuals, Business Owners & SMSFs

Keeping accurate records is crucial for individuals, business owners, and self-managed super funds (SMSFs). Proper financial documentation ensures tax compliance, streamlines audits, and improves financial planning. In this article, we explore the essential records you must maintain to stay compliant with Australian tax regulations.

Why is Record-Keeping Important?

Maintaining accurate financial records helps: ✔ Ensure compliance with ATO record-keeping obligations
✔ Track income, expenses, and financial performance
✔ Make tax time easier and minimise errors
✔ Support audit-ready financial management
✔ Secure deductions and avoid penalties

Record-Keeping for Individuals

Individuals must maintain records related to their income, deductions, and investments. Key documents include:

1. Income Records

  • Payslips & PAYG payment summaries
  • Bank statements showing income deposits
  • Rental income records
  • Dividend and interest income statements

2. Expense & Deduction Records

  • Work-related expense receipts
  • Charitable donation receipts
  • Medical expense records (where applicable)
  • Home office and vehicle logbooks

3. Investment & Property Records

  • Share and investment purchase details
  • Capital gains tax records
  • Property purchase & sale contracts
For a hassle-free tax return, check our Online Tax Return service.

Record-Keeping for Business Owners

Business owners have greater record-keeping responsibilities to meet tax and regulatory requirements.

1. Financial & Tax Compliance Records

  • Invoices & receipts for all transactions
  • Bank statements
  • Business activity statements (BAS)
  • GST records (if registered)

2. Payroll & Employee Records

  • Employee tax file number (TFN) declarations
  • Superannuation payment records
  • Wage & salary payment summaries
  • Leave and entitlements records

3. Legal & Regulatory Documents

  • Business registration & ABN details
  • Business structure documents
  • ATO tax lodgment confirmations
For business tax and accounting support, visit our Newcastle Accountants or Maitland Accountants pages.

Record-Keeping for SMSFs

Self-managed super funds (SMSFs) must comply with strict record-keeping laws set by the ATO.

1. Fund Establishment & Compliance Documents

  • SMSF trust deed
  • Trustee declarations
  • Investment strategy documentation

2. Financial & Tax Records

  • Annual financial statements
  • SMSF tax returns
  • Contribution & pension withdrawal records

3. Investment & Asset Records

  • Shareholding statements
  • Property purchase contracts
  • Valuation reports
For professional SMSF management, visit Bottrell Wealth.

Best Practices for Record-Keeping

To ensure effective record management: ✔ Keep digital & paper copies of important documents
✔ Use accounting software like Xero or MYOB
✔ Retain records for at least five years (as per ATO guidelines)
✔ Secure documents with cloud storage or encrypted files
Need bookkeeping assistance? Check out our East Maitland Accountants services.
Get Expert Accounting & Tax Advice
At Bottrell Accountants, Tax Agents & Financial Planners, we help individuals, businesses, and SMSFs with tax compliance and financial planning.
 Newcastle Office: Newcastle Accountants
 Maitland Office: Maitland Accountants
 East Maitland Office: East Maitland Accountants
 Call Us: 02 4933 6888
 Email Us: office@bottrellaccounting.com.au
 Website: www.bottrellaccounting.com.au
For more tax & business insights, visit our FAQ and About Bottrell pages.
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