Tuesday, February 12, 2008

Q&A: How Long Do I Keep Records?

Question: How long should I keep my tax records and receipts?


Response: From 2004/05 the majority of individual taxpayers are required to keep their records for a period of five years from the time of lodgement.

Some exclusions may apply, such as in the case of a tax dispute with the Commissioner or capital gains tax (in these cases, the five year requirement may be extended).

However, five years from the time you lodged your return is the record-keeping requirement applicable to most Australian taxpayers.



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The comments provided in this blog are general in nature and not intended to be specific advice. Each situation is different. You should discuss your circumstances with Alan (or another tax agent) to obtain individual advice before acting on any information.