REEF is often asked by members about how long they are required to retain different types of business records. Here’s a summary of your obligations.
Employment records
These are regulated by various Acts, including the Fair Work Act 2009. They include records such employment status, hours worked, salary/wages, leave and superannuation entitlements, and must be kept for seven (7) years.
Industry-specific records
Section 104 of the Property, Stock and Business Agents Act 2002 requires a Licensee to retain, for three (3) years after it is made, a record containing particular transactions as Licensee.
Tax records
These records are regulated by various Acts, depending on the form of taxation involved. The main categories are:
- Income tax – Retain for five (5) years from the latter of the date on which the records were prepared or the relevant transaction was completed.
- Payroll tax – Retain for five (5) years from the latter of the date on which the records were prepared or the relevant transaction was completed.
- CGT – Retain for the duration of the ownership of the asset, plus five (5) years from the end of the accounting period in which disposal occurred.
- FBT – Retain for five (5) years from the latter of the date on which the records were prepared or the relevant transaction was completed.
- Company records
These are regulated by various Acts, including the Corporations Act 2001. The main categories are:
- Registers and minute books – Must be retained for five (5) years from the date of the last entry.
- Accounting records – Must be retained for seven (7) years from the completion of the transaction or conclusion of the accounting period during which the transaction took place.
