Business owners can be overwhelmed by their record keeping requirements under different legislation. For example, the requirements for tax purposes are different to those for Corporations Act purposes and for state tax purposes.

Penalties may apply where proper records are not kept, records are not kept for the required period of time or steps are not taken to keep records in an appropriate format.

Below we have summarised the key requirements under the Corporations Act 2001(Cth) and for income tax and Queensland state tax purposes.

WHAT BUSINESS RECORDS MUST BE KEPT?

Below is a non-exhaustive summary of the business records must be kept by law. Depending on the type of business carried on and a range of other factors, further records may need to be kept.

Click here to view the table.

How long do business records need to be kept for?

A general summary of the period for which business records are required to be kept for Queensland businesses is as follows.

Click here to view the table.

What format must business records be kept in?

It is important that the business records which are kept are kept in the format required by law.

Click here to view the table.