A useful business purchase record should tell the story of what was bought, when it was bought, who supplied it and why it matters to the business.
At a minimum, keep the supplier name, date, total, GST details where applicable, payment method, category and a copy of the receipt or invoice. For tools and equipment, keep warranty information as well.
Good records save time because you do not need to reconstruct the purchase later from bank statements, memory, email searches or supplier portals.
basmate does not provide tax, accounting or financial advice. Always review records and speak with a qualified adviser about your own circumstances.