Taxation Administration Act 1997

A person must retain a required record for not less than 5 years after whichever of the following is the later:the date it was made or obtained; the date of completion of the transaction or act to which it relates. In the case of – a body corporate, a fine not exceeding 500 penalty units; or in any other case, a fine not exceeding 100 penalty units.

Subsection (1) does not apply to a person if the Commissioner authorises the person in writing to destroy the record before the end of the period referred to in that subsection.