Staying on top of your records

A good record keeping system is essential for small business owners. 

Staying on top of your records helps to manage cash flow and prepare your business activity statements (BAS) and tax returns more easily. 

In addition to keeping basic legal records, such as banking, expense and sales records; businesses should keep the following records to maximise their tax return at the end of the financial year: 

Employee and contractor records 

You will need to keep details of any tax file number (TFN) declarations and withholding declaration forms; wages, allowances and other payments made to workers; superannuation contributions; fringe benefits; tax deducted and employment contracts. 


A worksheet should be kept to calculate the decreasing value of your assets (depreciating assets). Be sure to include any relevant details such as original purchase agreements or tax invoices etc. 

Capital gains tax (CGT) records 

Records must be kept if you have acquired or disposed of an asset. You must keep records of every transaction, event or circumstance that may be relevant to working out whether you have made a capital gain or loss from a CGT event. 

Cristy Houghton

Embarketing, 48 Johnston Street, Wagga Wagga, NSW, 2650

Cristy's unique career has taken her from country NSW to the city lights of Clarendon Street South Melbourne and back again. With an early career in radio as a copywriter and creative strategist, she is now a Jill of all trades as a graphic designer, website builder, blog writer, video editor, social media manager, marketing strategist and more. 

In fact, give her any task and this chick will figure out how to do it! Go on, we dare you!

No, really, we DARE you!!

Cristy has won two Australian Commercial Radio Awards (ACRAs) for Best Ad and Best Sales Promotion, and even has an 'Employee of the Year' certificate with her name on it.

Cristy and her husband James have traveled extensively through Russia, China and South East Asia, and have two fur-babies, Sooty (cat) and Panda (puppy). Cristy loves drinking coffee, meeting people to drink coffee, coffee tasting and coffee flavoured cocktails. She also enjoys road trips, TED Talks and watching cat videos on youtube.