Record Keeping for Tax Australia – Tips to Stay ATO-Compliant in 2025



Tips for keeping good records

• Aditi Bohara
• Jun 27, 2024
• 1 min read

• Keep all business records including income, expenses, bank and other goods and services tax (GST) records for five years (although some records need to be kept longer).

• Records must contain enough information to calculate and support amounts claimed on activity statements and tax returns.

• Business records need to include all cash, online, EFTPOS, bank statements, credit and debit card transactions.

• Check the tax invoices received for purchases that include GST are valid.

• Keep records that show when business purchases were used for private purposes – this will help work out the business portion that can be claimed as a deduction.

• Keep business records separate from personal records to avoid confusion.

• Take pictures of paper receipts to avoid faded records.

• Store a copy of all records electronically and have a backup system in place, where possible.

• If changes were made to the record keeping software used during the year, check that all information transferred over correctly.