Resources, licences & regulations
Record keeping
Good business records help you manage your business and make sound business decisions. They can also improve the value of your business if you decide to sell it.
Employment records
If you employ people under a modern award or agreement, you're legally required to keep accurate and complete time and wages records and issue pay slips to each employee. You need to keep each employees' time and wages records for at least seven years and make sure they are always accessible for inspection. Records should be in plain English and easy to read.
Taxation records
Under tax law, if you operate a business you must keep records that record and explain all transactions.
What to do...
- See the Fair Work Online website for information on keeping time and wage records and pay slips.
- Visit the Fair Work Ombudsman's templates page for pay slips, time and wages, and leave records.
- Download the Record keeping for small business guide from the Australian Taxation Office (ATO) website.
- Read Centrelink's Less Paperwork for Employers Brochure.
This information is brought to you by business.gov.au and Moorabool Shire Council
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