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For an Australian business, keep records that explain its sales, purchases, expenses, GST adjustments and calculations, and the amounts reported or claimed on its activity statements. Retain tax invoices where required, import documents for GST paid on taxable imports, and evidence for business-use calculations. The Australian Taxation Office (ATO) sets a five-year retention baseline, but some records must be kept longer to cover an assessment review period.
Which GST records should a business keep?
The ATO says businesses need records showing the income and expenses used to calculate and support GST reported and credits claimed. Keep source documents alongside records that show how figures were worked out, so reported amounts can be traced back to transactions.
- Sales and supplies: Keep sales records and transaction evidence supporting GST collected and amounts reported.
- Purchases and expenses: Retain invoices, receipts and other evidence for business purchases and expenses included in GST reporting. Records should establish the amount and business purpose.
- Tax invoices: Keep valid tax invoices where required to support an input tax credit. ATO legal guidance says a tax invoice is generally needed when lodging the BAS, except for acquisitions with a GST-exclusive value of $75 or less. See the ATO’s GSTR 2000/10.
- Taxable imports: A tax invoice is not required to claim GST credits for taxable imports. Keep Department of Home Affairs documents showing the GST paid.
- Adjustments and GST calculations: Retain records of adjustments and decisions, elections, estimates, determinations or calculations made for GST purposes. If you apportion an amount or use a calculation method, keep the method and its basis.
- Mixed business and private use: Keep evidence of the business-use share when a purchase is used privately as well as for business.
- Payment records: Capture cash, online, EFTPOS, bank, credit-card and debit-card transactions, and make sure they can be reconciled with sales and expense records.
For a complete GST record set, the ATO’s records required for GST guidance explains the core obligation to record and explain relevant transactions.
How long must you keep GST records?
The ATO’s GST-specific guidance sets a baseline of five years. The period starts from when a record was prepared or obtained, or when the related transaction or act was completed, whichever is later. But five years is not always the final deadline: keep records long enough to cover the review period for an assessment that relies on them. A relevant amendment can also affect the review period. The ATO’s legal guidance on GST record retention describes these potentially longer periods.
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- Easy to Use Financial Records Organizer: This spiral-bound document folder features 12 pockets, to keep your receipts and records easily accessible in one place.
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Can GST records be kept digitally?
Yes. The ATO accepts paper and electronic records. Records must explain transactions, be in English or readily translatable, and remain readable and retrievable for the required retention period. Electronic bookkeeping software can tally amounts and produce GST reports, but using software does not remove the need to retain source documents or evidence behind calculations.
Choose a record system—paper or electronic—that lets you find source documents, reconcile payments, and show how adjustments or apportioned amounts were calculated. For digital records, keep usable backups and check that records transfer correctly if you change bookkeeping software. The ATO’s record-keeping tips also recommend separating business and personal records and capturing cash and card transactions.
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What is a practical way to organize the records?
- Capture each transaction: Record sales, purchases, expenses and payments, including cash and card activity.
- Attach its supporting evidence: Keep the receipt, invoice, import document or other source record with the transaction details.
- Record the GST treatment: Note relevant adjustments, calculation methods and the basis for any business/private apportionment.
- Reconcile before reporting: Check transaction records and payment trails against the amounts being reported or claimed.
- Retain and retrieve: Keep records for at least the applicable retention period, and confirm they remain readable and accessible.
A ledger or bookkeeping tool may help organize entries, but it is not a substitute for invoices, receipts, import documents or other source evidence. No particular software provider is endorsed by the ATO guidance cited here.
Quick Recap
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- [Multiple Purpose Business Organizer] Record business expenses on one ledger; Store receipts inside the envelope; Track auto mileage log on the back
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