It is the responsibility of every business to find out the details of which records it needs to keep.

Some examples of records that need to be kept are:

Business formation records – formation documents like the certificate of incorporation, constitution and share records for a company, trust deeds and partnership agreements.

Licensing records and permits – business name registration, ASIC annual statement, professional certification documents and licenses to carry on business, permits for water usage, use of hazardous chemicals and the like.

Agreements and contracts – purchase of business, supplier terms, customer proposals and agreements, lease and joint venture agreements.

Basic financial records –details of all transactions and bank statements, sales records and invoices, cheque books, bank deposit records, EFTPOS transactions, petty cash records, stock records and contracts.

Financial statements – trial balance, profit & loss statement, balance sheet, depreciation schedules.

Personnel records – tax file number, employment details, leave records (sick, annual and long-service leave), wage or salary rates, benefits and allowances paid, fringe benefits.

Income tax records – tax returns and amendments, log books for motor vehicle, travel and entertainment expenses receipts.

GST records – tax invoices sent and received, completed BAS/IAS forms and supporting information.

Insurance records – list of insured assets and policy documents.

OH&S records – hazard identification records, risk register, incident register and records of action taken.

This list is not exhaustive. Records essential to the running of the business should be identified and kept early and a process established for securely storing and maintaining them.