With paper still used for important documents, it’s important to be aware of the rules for storing them and how long you need to store them for.
For personal records, the Australian Taxation Office (ATO) requires personal written evidence to be kept for a minimum 5 years from the date the tax return was lodged. It may be longer for some cases such as claiming losses. See their website for more details.
Documents that need to be kept include:
- Payments received.
- Expenses related to payments received.
- Details of acquired or disposing of an asset.
- Gifts, donations and contributions.
- Disability aids or expenses.
For companies, the Australian Security Investment Commission (ASIC) requires businesses to have financial records kept for 7 years from the time of the transaction.
- Financial transactions
- Wages information
- Employee records
- Fringe benefits
- Capital Gains
While many items will be kept by the accountant, you are required to have copies.
In medical and health industry it changes again with the requirements for keeping client records depending on the client’s age. Record must be kept for at least 7 years from the date of last entry in the record. If a patient is less than 18 years old at the date of last entry in the record, then the record must be kept until the patient reaches 25 years old.
If you need any further information on how to store your documents securely, feel free to contact the friendly team at Robina Storage.