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Taxation Administration Act 1997
63Period of retention
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63 Period of retention
(1) A person must retain a required record for not less than 5 years after whichever of the following is the later:
(a) the date it was made or obtained;
(b) the date of completion of the transaction or act to which it relates.
Penalty: In the case of –
(a) a body corporate, a fine not exceeding 500 penalty units; or
(b) in any other case, a fine not exceeding 100 penalty units.
(2) 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.