Keeping records - employer obligations

Are you fulfilling your obligations as an employer regarding record keeping? The following is a short checklist of the Tax Office requirements relating to record keeping.

Records relating to payments to employees:

• Tax file number declarations and withholding declarations

• Withholding variation notices

• Worker payment records

• PAYG payment summaries

• Annual reports

• Superannuation records, and

• Records of any fringe benefits provided.

Records relating to income tax and GST:

Sales records

• Sales invoices (including tax invoices)

• Sales vouchers or receipts

• Cash register tapes, credit card statements, and

• Bank deposit books and account statements.

Purchase/expense records

• Purchase/expense invoices (including tax invoices)

• Purchase/expense receipts (which include an ABN)

• Cheque butts and bank account statements

• Credit card statements, and

• Records showing how you calculated any private use component.

Year-end income tax records

• Motor vehicle expenses

• Debtors and creditors lists

• Stocktake sheets

• Depreciation schedules and capital gains tax records.

PAYG withholding records relating to business payments:

• Records of amounts withheld from payments where no ABN was quoted

• A copy of any PAYG withholding voluntary agreements

• Records of voluntary agreement payments

• PAYG payment summaries and ETP payment summaries, and

• Annual reports.

Records relating to fuel tax credits

• Records of fuel acquired

• Records of eligible and ineligible fuel use

Records of claim calculations and records of any loss, sale or disposal of fuel.