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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