6 October 2010

Retention of Taxation Records

Below are details of the time period for which the retention of records is required. The easiest way to use this table is to refer to the type of entity which relates to yourself and look at the years next to the type of tax to which you might be applicable. The time record as a general rule starts at the end of the financial year to which the transaction relates.

	Income Tax	Capital Gains Tax	Fringe Benefits tax
Company	5 years	5 years from date of disposal, but also 5 years after any further relevant CGT event can happen which would be relevant to determining whether the taxpayer made a capital gain or loss on the event.	5 years
Trust	5 years	5 years from date of disposal, but also 5 years after any further relevant CGT event can happen which would be relevant to determining whether the taxpayer made a capital gain or loss on the event.	5 years
Partnership	5 years	Partners to retain records for 5 years from date of disposal of interest in each individual partnership asset, but also 5 years after any further relevant CGT event can happen which would be relevant to determining whether the taxpayer made a capital gain or loss on the event.	5 years
Sole Trader	5 years	5 years from date of disposal, but also 5 years after any further relevant CGT event can happen which would be relevant to determining whether the taxpayer made a capital gain or loss on the event.	5 years

 

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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