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MJE Business Services

Year-End Bookkeeping: Get Your Records Ready for Your Accountant

Last reviewed: 2026-06-15Bookkeeping

Year-End Bookkeeping: Get Your Records Ready for Your Accountant

Short answer: to get your books ready, reconcile every account to its statement, gather your income, expense, payroll, GST and asset records, make sure everything is digital and backed up, and hand your accountant a complete pack. The ATO expects you to keep most business records for five years. This page covers each step in plain English.

Good bookkeeping is not about being perfect - it is about being ready. When your records are tidy and complete, your accountant spends less time chasing missing pieces and more time finding you the best result. And if the ATO ever asks a question, you have the answer at hand.

Whether you run a cafe in Hurstville, a trades business out of Mortdale, or a small company across the St George area, here is how to get your books in order and keep records the way the ATO expects.

How long do I have to keep records?

The general rule is simple: keep your business records for five years. That covers tax invoices, receipts, wage and salary records, tax returns, activity statements and the super you paid for employees.

The five-year clock generally starts from when you prepared or obtained the record, or completed the transaction it relates to - whichever is later.

There are a few situations where you need to keep records longer than five years:

  • Assets you depreciate or that have capital gains tax (CGT) implications - keep the records for as long as you own the asset, then another five years after you sell or dispose of it.
  • Records used in an amended assessment - keep them long enough to cover the period of review.
  • Company records - the Australian Securities and Investments Commission (ASIC) generally requires companies to keep records for seven years. If you run a company, our ASIC compliance team can help you stay on top of this.

A couple of timing quirks worth knowing: for super contributions you make for employees, the five years runs from the date of the contribution; and for fringe benefits tax records, the five years starts from the date you lodge your FBT return.

What records should I keep?

A complete set of business records usually includes:

  • Income records - sales invoices, receipts, and records of cash sales
  • Expense records - supplier invoices, receipts, and statements for anything you claim
  • Bank and finance records - bank, credit card and loan statements
  • Payroll records - wages, PAYG withholding, super, and employee details
  • GST and BAS records - to support what you reported (see our BAS and GST services)
  • Asset records - purchase invoices, finance agreements, and disposal details
  • Motor vehicle and home-office records - logbooks, diaries, and the basis for any claim

The ATO expects records to be in English (or easily translated), to explain each transaction, and to be kept so they cannot be changed or damaged.

Digital records count - and they are easier

You do not need a shoebox of paper. The ATO accepts digital records, including photos or scans of paper receipts, as long as the copy is a true and clear reproduction of the original. Once you have a good digital copy, you generally do not need to keep the paper version.

A few tips that make digital record-keeping painless:

  • Use accounting software (or a receipt-capture app) and reconcile regularly, not just at year-end
  • Back up your data - cloud storage with a second backup is ideal
  • Keep records organised by financial year so they are easy to find later
  • Make sure you can still access the records for the full retention period, even if you change software

If setting up clean digital records feels like a job too far, our bookkeeping and payroll team does this every day.

Reconcile before you hand over

Reconciling simply means checking your records against an independent source so the numbers agree. Before year-end, reconcile:

  • Bank and credit card accounts to the actual statements
  • GST collected and paid against your lodged BAS
  • Payroll totals (wages, PAYG, super) to your reports
  • Loans and finance balances to the lender's statements
  • Petty cash and owner drawings

Catching a coding error or a duplicated transaction now is far easier than unwinding it after the accounts are closed.

If you employ people, pay extra attention to your payroll and super records this year. From 1 July 2026, Payday Super means super must be paid each payday and reach the fund within 7 business days, and the ATO's free Small Business Superannuation Clearing House closes from that date. Clean, reconciled payroll records now make the switch far smoother - and if you use the clearing house, download your records before 30 June 2026. Our bookkeeping and payroll team can help you get set up.

Your handover checklist

When you bring your year's bookkeeping to us, this is the pack that makes things smooth and cost-effective:

  • Bank, credit card and loan statements for the full year
  • Access to your accounting file (or a backup) if you use software
  • Sales and income records
  • Expense receipts and supplier invoices
  • Payroll reports and confirmation of super paid
  • Asset purchases and disposals, with invoices
  • Logbooks and home-office records, if you claim them
  • A note of anything unusual - new loans, grants, large one-offs

The cleaner the pack, the faster your business tax return - and the more time we can spend on advice that actually helps you grow. If you are doing this in June, our EOFY checklist for small business lists the year-end jobs to tick off, and if you are still choosing software, our Xero vs MYOB comparison can help.

Frequently asked questions

How long do I keep my business records? Generally five years from when you prepared the record or completed the transaction. Keep asset and CGT records for as long as you own the asset plus another five years, and note that companies must keep records for seven years under ASIC rules.

Can I throw out paper receipts if I scan them? Yes - the ATO accepts a true and clear digital copy of an original, so once you have a good scan or photo you generally do not need to keep the paper.

What if my records are a mess? That is normal, and fixable. We can help you reconstruct, reconcile and set up a system that keeps you organised going forward. Start with our bookkeeping and payroll services.

Ready to tidy up your books?

A little organisation now saves a lot of stress at tax time. MJE Business Services has been helping St George businesses keep clean, compliant records since 2000. Call (02) 9580 1167 or book a callback and we will help you get sorted.

Written by the team at MJE Business Services, a registered tax agent (No. 26313222) serving the St George area since 2000.

This is general information, not personal advice. Tax rules and dates change - please check your situation with us or at ato.gov.au.

Sources (ATO)

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