Updated for the 2025–26 income year (tax returns lodged from 1 July 2026), with 2026–27 changes noted. Reviewed 19 October 2026.
Keeping your business accounting organised is very achievable with a few habits. A little lack of discipline now can cause big headaches at BAS and tax time. Here are simple steps to stay organised.
1. Structure your bank accounts
Never mix business and private transactions. Use a separate business bank account for all business income and expenses, and make regular, recorded transfers (drawings, or wages for company directors) to your private account. Many businesses also keep a separate savings account for GST and tax.
2. Avoid cash where possible
If you must pay cash for a business expense, keep the receipt and record it through an expense claim so the expense and GST are captured.
3. Pay business credit cards from the business account
Use a dedicated business card and pay it from the business account so nothing is missed. If you accidentally use a personal card, record a reimbursement claim.
4. Manage barter and trade-exchange transactions properly
Barter transactions (for example, through a trade exchange) are treated like cash for income tax and GST. Use a bank-feed style import for the trade-exchange statement so every sale, purchase and fee is recorded.
5. Have a process for accounts receivable
Track which invoices are paid and how old unpaid ones are. Send reminders at set intervals, offer easy payment options, and review your aged receivables report every week or fortnight.
6. Capture receipts digitally
Use your accounting software's receipt-capture app. Records generally need to be kept for 5 years, and you need tax invoices to claim GST credits on purchases over $82.50 (including GST).
7. Code GST correctly
Set up correct default GST codes for suppliers and accounts. See our article on top 10 GST mistakes in BAS.
8. Keep payroll compliant
Report through Single Touch Payroll, pay super at 12%, and from 1 July 2026 pay super each payday under Payday Super.
9. Reconcile monthly and put deadlines in the calendar
Reconcile bank and card accounts at least monthly. Diarise BAS due dates (28 October, 28 February, 28 April, 28 July for quarterly lodgers) and set aside GST and PAYG as you go.
Need a hand? Our bookkeeping and BAS services can keep everything organised for you.
Frequently asked questions
Should I have a separate business bank account?
Yes. It makes record keeping, GST and deductions much simpler and reduces the risk of errors.
How often should I do my books?
Weekly for data entry and receipts, and a full reconciliation at least monthly.
Are barter transactions taxable?
Yes. Barter and trade-exchange transactions are treated like cash sales and purchases for income tax and GST.