Many tax records need to be kept for at least five years, but the starting point and required period depend on the record and relevant rules. Some records must be retained longer.
What this means in practice
Assets, carried-forward losses, disputes, company records and employment records can have different requirements. A simple five-year deletion rule may therefore be inappropriate. Keep records in a form that remains readable and accessible if you change software, close the business or replace a device. Your adviser can help identify which records need a longer retention period.
Your next steps
- Identify tax, payroll and company records separately
- Check the retention period for each type
- Keep readable backups
- Export records before cancelling software
Get help with the next step
If this relates to your business, tell us about your current records and the task you need help with. We can explain our service scope and the information needed before work starts.
Official guidance: ATO: Record keeping for business ↗
General information prepared on 26 September 2026. Rules and individual circumstances can change. Confirm the treatment that applies to you before acting.
Prepared by the Affordable Bookkeeper content team. Our services and practitioner arrangements.
