Good business records help you manage your business and make sound business decisions. They are also useful if you want to sell your business.
Employment records
If you employ people under a federal award or agreement you are legally required to keep accurate and complete time and wages records and issue pay slips to each employee. You must keep all time and wages records of each employee for at least seven years. These records should be in plain English and easy to read.
Taxation records
Under tax law, if you are carrying on a business you must keep records that record and explain all transactions.
What to do...
Source: business.gov.au