What records do I need to keep for tax purposes when regularly selling scrap as a business?
Short answer: Keep all invoices or recipient-created tax invoices for each sale, records of weights and material types sold, bank statements showing payments received, and any relevant purchase or acquisition records if you're buying material to on-sell — standard business record-keeping requirements apply (generally five years in Australia), and good records also protect you if the source or legitimacy of your material is ever questioned.
Skip the phone calls. List your scrap once and let verified buyers on ScrapTrade come to you with real offers.
List Free →Core records to retain
Every invoice or recipient-created tax invoice, bank records showing actual payment received, and details of what was sold (material type, weight, date) form the core paper trail needed for both tax reporting and general business accountability.
Why this matters beyond just tax
Scrap metal regulation in various states includes provisions around proving legitimate sourcing of material — solid record-keeping protects you if a transaction’s legitimacy is ever questioned, separate from the tax obligation itself.
Standard retention period
Australian businesses generally need to retain relevant records for five years — treating scrap sale records the same as any other business transaction record is the safest default.
How ScrapTrade Makes This Easier
ScrapTrade’s transaction history gives you a running, exportable record of your sales, making this record-keeping requirement considerably less manual.
Ready to sell scrap as a business without the account-setup guesswork? ScrapTrade connects verified buyers and sellers with escrow-protected payments and transparent weighing.
List or Find Scrap on ScrapTrade →