Taxation Administration Act 1996

A person required to keep a record under a taxation law must keep the record for not less than five years after—

the date it was made by the person or, if it was not made by the person, the date it was obtained by the person; or

if it relates to a transaction, the date of completion of the transaction, whichever is the later. Maximum penalty: Maximum penalty: $10 000.

A person may, with the written approval of the Commissioner, destroy a record within the 5-year period.

A decision to refuse approval under subsection (2) is a non-reviewable decision.

This section is subject to the provisions of any other law concerning the retention or destruction of records.