Employee Record Keeping Checklist for the New Financial Year
As we prepare to close the books on the 2024-25 financial year, it’s a good opportunity to get your records in order. There are a number of employee records that you must keep for 7 years and they must include certain information.
Some records may be updated as part of your day-to-day business operations, like time and wages. Others need to be proactively reviewed for updates. Here’s a quick reminder list:
- Written agreements relating to an employee’s hours of work, such as where you’ve agreed to time off instead of overtime pay or averaging of hours arrangements.
- Any Individual Flexibility Arrangements.
- Annualised wage arrangements where applicable under the relevant award.
- Termination records for past employees, such as how their employment ended.
The ATO’s record-keeping fact sheet has further information about the above with the full list of employee records you must keep.
If you need any help understanding your record keeping obligations don’t hesitate to get in touch with us at STS Accounting.
