How long should I keep my records for?
Generally, you are required to keep your records for five years succeeding the issue date of your assessment notice, or;
1. If you have claimed depreciation (decline in value), you will need to keep records for five years succeeding the date of your last claim
2. If you acquire or dispose of an asset, you will need to keep records for five years succeeding the date capital gains was paid
3. If you are in dispute with the Australian Taxation Office, you will need to keep records for five years from the date of assessment or the date of the dispute resolution.
Please contact us should you require clarification on any of these or any other form of record keeping
