Below is a non-exhaustive list of the tax, corporate compliance and employer obligation record-keeping requirements relevant to the Data Minimisation and Retention Best Practice Guide for DSPs.
The below links and information was last updated on 13 March 2023. This
work is licensed under Attribution 4.0 International.
Relevant legislation and regulations
Legislation or Regulation |
Records |
Required Retention Period |
Record Format |
Corporations Act 2001 |
Financial Records Section 286 A company, registered scheme, registrable superannuation entity or disclosing entity must keep written financial records that:
Extends to transactions undertaken as a trustee. |
7 years after the transactions covered by the records are completed. |
Section 287 Records may be kept in any language, but an English translation of financial records not kept in English must be made available when requested. Section 288 If financial records are kept in electronic form, they must be convertible into hard copy. A hard copy must be made available to a person who is entitled to inspect the records. Section 289 The company can decide where to keep their records. |
Registers Section 168 A company or registered scheme must set up and maintain:
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A register kept under Chapter 2C.1 is proof of the matters shown in the register under the Chapter. |
Section 172 Registers that relate to a company (or a registered scheme) must be kept at:
Companies or schemes must notify ASIC of the address where a register is kept within 7 after the register is:
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Register of members Section 169 The register of members must contain the following information about each member:
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Register of option holders and copies of option documents Section 170 The register of option holders must contain information about each holder of options over unissued shares in the company or unissued interests in the scheme. The register must be updated whenever options are exercised or expire. |
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Register of debenture holders Section 171 The register of debenture holders must contain the following information about each holder of a debenture:
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Fair Work Act 2009 Section 535 |
An employer must make and keep employee records of the kind prescribed in the regulations (covered below) in relation to each of its employees. An employer must not make or keep records that the employer knows are false or misleading. | 7 years. | Records must be in a form prescribed by the regulations (covered below) and include any information prescribed by the regulations. |
Fair Work Regulations 2009 Sections 3.31 - 3.44 |
Employers must keep records for each employee about:
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7 years. | Records must be legible, in English and in a form readily accessible to an inspector. |
Fringe Benefits Tax Assessment Act 1986 Section 132 |
You must keep records that:
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5 years after the completion of the transactions or acts to which they relate (.e.g 5 years from the date of the FBT return). | Records must be kept in English or can be easily converted to English. |
Income Tax Assessment Act 1936 Section 262A |
A person carrying on a business must keep records that record and explain all transactions and other acts engaged in by the person that
are relevant for any purpose of this Act. Records include:
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5 years after records ere prepared or obtained, or 5 years after the completion of the transactions or acts to which those records
relate, whichever is later. 5 years after an amendment. |
Records must be kept in English or can be easily converted to English. |
Superannuation Guarantee (Administration) Act 1992 Section 79 |
Employers must keep records that record and explain all transactions and other acts engaged in by the employer or required to be engaged
in by the employer, under the Act. Records must include documents relevant to ascertaining the individual superannuation guarantee shortfalls of the employer for a quarter. |
5 years after the records were prepared or obtained, or the completion of the transactions or acts to which those records relate, whichever is later. | Records must be kept in English or can be easily converted to English. |
Taxation Administration Act 1953 Subdivision B TR 2018/2 |
You are required to keep records that explain all electronic business transactions that are relevant for any income tax purpose. The
minimum information that must be recorded:
A person commits an offence if:
There are further offences for recklessly incorrectly keeping records and incorrectly keeping records with the intention of deceiving or misleading. |
5 years after the records are prepared or obtained, or the transactions are completed, whichever occurs later. | Records must not be altered or manipulated and must be stored in a way that restricts information from being altered or manipulated. They must be in English or a form the ATO can access and easily convert to English. Records must be capable of being provided to the ATO when required. |
Other relevant requirements
Requirement | Records | Required Retention Period |
ATO Digital Service Provider Operational Security Framework | Audit logging functionality must be implemented in software products to enable traceability of user access and actions. | Audit logs must be kept for a minimum of 12 months. |
Capital Gains Tax (CGT) | You must keep records of every transaction, event or circumstance that may be relevant to working out whether you have made a capital gain or loss from a CGT event. |
5 years after you sell or otherwise dispose of an asset unless you keep an asset register. A further two years for individuals or small businesses, or four years for other taxpayers from the year of the offset if you have offset a capital loss against a capital gain in a later year. |
Depreciating assets | You generally need to keep records of depreciating assets. | For as long as you have the asset and then another 5 years after you sell or otherwise dispose of the asset. |
Goods and Services Tax (GST) | You need to keep records that show the income and expenses used to calculate and support the amounts you report and claim for GST credits. This includes all sales, tax invoices and other GST-related transactions, fees, expenses, wages and any other business costs. | 5 years from when you prepared or obtained the records or completed the transactions or acts those records relate to, whichever is later. |
Long Service Leave | Employers must keep employee records relating to long service leave throughout an employee's employment. | Retention periods for each state or territory are provided below. |
ACT Long Service Leave Act 1976 |
Records must be kept for 7 years after the day employment ends. If employment ends on the employee's death, records must be kept for 7 years after the day all amounts owing to the legal personal representative are paid. |
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NSW Long Service Leave Act 1955 |
Records must be kept for at least 6 years after the day employment ends. | |
NT Long Service Leave Act 1981 |
Records must be kept for 3 years after the day employment ends. If employment ends on the employee's death, records must be kept for 6 years after the day all money owing to the legal personal representative are paid. |
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QLD Industrial Relations Act 2016 |
Employers must keep records for 6 years after the day the work to which the record relates is performed. | |
SA Long Service Leave Act 1987 |
Records must be kept throughout the period of the worker's service and for at least 3 years after the termination of that service. | |
TAS Long Service Leave Act 1967 Industrial Relations Act 1984 WorkSafe Tasmania |
Records must be kept for 12 months after the termination of employment. | |
VIC Long Service Leave Act 2018 |
Employers must keep long service leave records relating to an employee for at least 7 years after the employee ceases employment. | |
WA Long Service Leave Act 1958 |
Records must be retained during the employment of the employee and for not less than 7 years thereafter. | |
Peppol Service Provider Service Level Agreement (SLA) | The Peppol Service Provider shall log all transactions executed (e.g. sent or received Peppol Business Documents) and archive the logged data for a period of time no less than stated. |
5 years for message exchange services in pre-award procurement. 3 months for message exchange services in post-award procurement. |
Payroll tax | Employers are required to keep records of the payroll tax they pay in different states and territories: | Retention periods are typically defined by state and territory tax administration legislation which is typically 5 years. |
Tax practitioner proof of identity requirements | The TPB requires that registered tax practitioners keep a record of the proof of identity (POI) checks that they undertake in relation to each client and/or individual representative of a client. | A minimum of 5 years after the engagement with the client has ceased. |