You must also keep records that show your business is carrying on activities that are eligible for fuel tax credits. If you are claiming fuel tax credits of $300 or less in a financial year, you do not have to keep records of fuel purchases.ou must keep records of all your sales (income) and expenses to prepare your business activity statements (BAS) and annual income tax return, and to meet other tax obligations. You also need to keep year-end and bank records. Records that all businesses need to keep are listed below.