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Under tax law, you must keep records of all your business transactions. You're required to keep records relating to income tax, GST, payments to employees and business expense payments.

Activity statements are used to report and pay your tax obligations, including; PAYG, FBT and GST, and to pay deferred company and superannuation fund instalments.

Recording keeping

Good business records help you manage your business and make sound business decisions. They are also useful if you want to sell your business.

Under tax law, you must keep records to record and explain your business transactions. You're required to keep records relating to income tax, GST, payments to employees and business payments.

You can keep your records on paper or electronically. A variety of electronic record keeping software and packages are available to meet your needs.

To help you find commercially available record-keeping software, you can go to softwaredevelopers.ato.gov.au

Reporting Activity Statements

You make payments and report your obligations under the tax system using an activity statement. The activity statement allows you to report your obligations for a range of taxes, including:

• Goods and Services Tax (GST)
• Luxury Car Tax
• Wine Equalisation Tax (WET)
• Pay As You Go (PAYG) Withholding and instalments
• Fringe Benefits Tax (FBT) instalments
• Deferred Company Instalments.

The Tax Office will send your activity statement about 2 weeks before the end of your reporting period. Complete and return the original by the due date, along with any payment due.

You can register to lodge your activity statement online (using the Business Portal) or use a paper form.