Employees & 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.
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. The records should be in plain English, easy to read and not altered in any way, unless correcting an error.
Employees must also be given a copy of their employment records should they request it:
• employee pay slips.
• legal obligations as an employer.
Whilst not all employee records are legally required to be kept, it may be best practice to keep employee records such as:
• Employee resume and job application details
• Employee workplace performance records
• Employee trade certificate or registration certificates
Under tax law, if you operate a business you must keep records that record and explain all transactions.