Document Retention Requirements in Australia: Complete Guide

Australian Document Retention Guide

Knowing when documents can be destroyed is as important as knowing how to destroy them. This guide covers key retention requirements for Australian businesses.

Tax and Financial Records

Australian Taxation Office Requirements:

• Business income and deduction records: 5 years
• Capital gains tax records: 5 years after CGT event
• Fringe Benefits Tax records: 5 years
• Superannuation contribution records: 5 years
• GST records: 5 years

Corporate Records:

• Financial statements: 7 years
• Bank statements: 7 years
• Accounting records: 7 years after relevant transactions

Employment Records

Fair Work Requirements:

• Time and wages records: 7 years
• Leave records: 7 years
• Superannuation contribution records: 5 years
• Termination records: 7 years after employment ends

WorkCover/Workers Compensation:

• Incident reports: 30 years (in some states)
• Injury management records: 7 years

Medical and Health Records

Requirements vary by state and record type:

• General practice records: 7-10 years from last consultation
• Paediatric records: Until patient turns 25
• Mental health records: Often 10+ years
• Hospital records: 20-30 years depending on jurisdiction

Legal Documents

• Contracts: 6 years after expiry
• Litigation files: 7-12 years after resolution
• Property documents: Permanent while holding property
• Corporate governance: 10 years minimum

Customer Records

• Customer transaction records: 5-7 years
• Complaint records: 7 years
• Marketing consent records: Until consent withdrawn plus 2 years

Best Practice: Destruction Schedule

Implement a systematic approach:

1. Create a retention schedule listing all document types 2. Review annually to identify eligible records 3. Document destruction with certificates 4. Maintain destruction logs for audit purposes

When in Doubt

If uncertain about retention requirements:

• Consult your industry body
• Seek legal advice
• Err on the side of keeping records longer
• Never destroy records subject to legal hold or litigation