Business records — 7-year retention (Corporations Act + tax)
Companies must retain financial + business records for 7 years.
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Who must comply
Companies + employers + reporting entities.
What triggers it
Recording event.
When due
Continuous retention; 7-year minimum.
Evidence required
Records management policy + actual retention.
Max penalty
Civil penalties; tax + AML enforcement consequences
Summary
Section 286 Corporations Act requires companies to keep written financial records for 7 years. Tax records also 7 years under TAA. Employee records 7 years under FW Regs. CDD records 7 years under AML/CTF Act.
Enforced by
Source legislation
Entity types
company
Topics
recordsretention
Source: https://asic.gov.au/for-business/running-a-company/financial-statements-and-audit/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.