How Long to Keep Business Records in Australia: ATO, Fair Work and ACNC Rules
Last updated: 25 October 2026.
“How long do we have to keep this?” is one of the questions we are asked most often at the end of a financial year, usually with a filing cabinet or an overflowing email inbox in the background. The honest answer is that there is no single number. The ATO, the Fair Work Ombudsman and the ACNC each set their own minimum periods, and some records need to be kept for longer than the general rule.
In this guide we set out what each regulator says, the situations where the ATO’s five years can stretch, and a practical retention schedule. All periods below are taken from the regulators’ own pages, linked in the sources.
The short version: the ATO says most business records must be kept for 5 years, Fair Work says employers must keep time and wages records for 7 years, and the ACNC says charities must keep their financial and operational records for 7 years. When in doubt, keep the longer period.
The ATO’s five-year rule
The ATO’s overview of record-keeping rules (last updated 18 June 2026) says you are legally required to keep records of all transactions relating to your tax, superannuation and registration affairs as you start, run, sell, change or close your business. That includes documents relating to income and expenses, and documents showing any election, choice, estimate, determination or calculation you make, including how it was worked out.
It sets out five record-keeping rules that apply to most records:
- Keep all records relevant to your tax and super affairs from starting through to selling or closing the business.
- Where an expense has both business and personal use, keep clear documents that show the business portion.
- Do not alter the relevant information in your records, and store records in a way that protects them from being changed or damaged.
- Be able to reconstruct your original data if your record-keeping system changes over time.
- Keep most records for 5 years.
The ATO says the five years generally runs from when you prepared or obtained the record, or completed the transactions the record relates to, whichever is later. In some cases the law sets a different start date. For example, for fringe benefits tax records the five years starts from the date you lodge the FBT return, and for employee super contribution records it starts from the date of the contribution.
The ATO also says a record should contain enough information to show the essential features of the transaction. As a minimum that is generally the date, amount and description of the transaction with the relevant GST information, the purpose of the transaction, and the relationship between the parties where relevant.
When the ATO says to keep records longer than five years
The ATO’s page on longer retention (last updated 1 August 2025) lists situations where five years is not enough:
- Records tied to an assessment that is amended. Keep records long enough to cover the period of review for any assessment that uses information from the record. The ATO notes that in many cases the five-year period will also cover the period of review.
- Records reused in a later year. If you use information from a record in one year and again in a later year, keep that record until the period of review for the later year has ended. The ATO’s examples involve costs spread over several years and losses carried forward.
- Depreciating assets and capital gains tax assets. Generally keep the record for as long as you have the asset, then another 5 years after you sell or otherwise dispose of it.
The same page lists records connected to petroleum resource rent tax (7 years or more) and global and domestic minimum tax (8 years or more). Those are unlikely to apply to a small business in Sydney.
Cash register tapes
For businesses that use cash registers, the ATO’s page on business income records (last updated 9 December 2019) says tapes can be discarded after one month if you keep Z-totals that have been reconciled with actual sales and the amount banked. If you do not keep reconciled Z-totals, you must keep the full rolls for five years.
Employers: Fair Work time and wages records
The Fair Work Ombudsman says employers have to keep time and wages records for 7 years. Those records must be readily accessible to a Fair Work Inspector, legible and in English. They cannot be changed unless the change corrects an error, and they cannot be false or misleading. If you employ staff, the 7-year Fair Work period is longer than the ATO’s 5 years, so treat payroll records as a 7-year category. The ATO’s own super record rule, five years from the contribution date, is a separate minimum for a different purpose.
Charities: ACNC financial and operational records
The ACNC says a registered charity must keep written financial and operational records for seven years. They can be in any format that is easy to find, including electronic, must be in English or easily translated, and do not have to be provided to the ACNC unless it asks. The ACNC’s examples of financial records include general ledgers, bank and credit card statements and reconciliations, creditors’ and debtors’ records, contracts, details of grant payments and acquittals, tax invoices, records of payments to employees (including PAYG withholding and super), and emails about finance such as an email about repaying unspent grant funds. Operational records are anything that shows how the charity is entitled to be registered, and how it meets its ACNC and tax law obligations.
The ACNC also says that its obligations replace the Corporations Act record requirements that previously applied to charities registered with ASIC, such as companies limited by guarantee. It adds that charities may have extra record-keeping obligations under other laws, such as health records or privacy legislation. If your organisation is covered by those, check the relevant regulator.
A practical retention table
The table below puts the regulator periods side by side. It is our own summary of the pages above, not a substitute for them.
| Record type | Minimum period | Who says so |
|---|---|---|
| General income, expense, GST and BAS records | 5 years (check start date) | ATO |
| Employee time and wages records | 7 years | Fair Work Ombudsman |
| Super contribution records | 5 years from the contribution date | ATO |
| FBT records | 5 years from the FBT lodgment date | ATO |
| Depreciating asset and CGT asset records | While you hold the asset, plus 5 years after disposal | ATO |
| Registered charity financial and operational records | 7 years | ACNC |
| Records used again in a later year | Until the later year’s period of review ends | ATO |
If a record falls into more than one category, keep it for the longest applicable period. For many Sydney businesses, a simple policy is to keep everything for seven years and review the asset and CGT records separately.
Keeping records safely and digitally
- Store them where they cannot be altered. The ATO says you must protect records from being changed or damaged. Save invoices as read-only PDFs, and avoid overwriting spreadsheets that support a BAS.
- Back up. Business.gov.au’s end-of-year checklist suggests making digital copies of paper documents and backing up your digital records.
- Be able to reconstruct data. The ATO’s fourth rule matters when you change software. Export your reports and keep them before you close an old file.
- Document your choices. The ATO expects records of elections and estimates, including how they were worked out. A short note on why you chose cash or accrual GST accounting is a good example.
- Tie each record to a transaction. A bank feed line with no invoice is not a complete record. Attach the document in your accounting software at the time of coding.
How we help
We set up simple filing and attachment habits in your accounting software so records are captured as you go, and we can help you work out which retention periods apply to your business or charity. See our bookkeeping services and our charities and NFPs page, or get in touch.
Frequently asked questions
How long does the ATO say I need to keep business records?
The ATO says you need to keep most records for 5 years, generally from when you prepared or obtained the record or completed the transaction, whichever is later. Some records have a different start date or a longer period.
How long must employers keep wages records?
The Fair Work Ombudsman says employers have to keep time and wages records for 7 years.
How long must a registered charity keep its records?
The ACNC says a registered charity must keep its financial and operational records for seven years.
Can I keep records electronically?
Yes. The ACNC says charities can keep records in any format as long as they are easy to find, including electronic. The ATO says records must be stored so they cannot be changed or damaged and so you can reconstruct the original data.
Do I have to keep records for assets I have sold?
The ATO says that for depreciating assets and capital gains tax assets you generally keep the record for as long as you have the asset and then another 5 years after you sell or dispose of it.
Sources and further reading
- ATO: Overview of record-keeping rules for business (updated 18 June 2026)
- ATO: Records you need to keep for longer than five years (updated 1 August 2025)
- ATO: Business income records, including cash register tapes (updated 9 December 2019)
- Fair Work Ombudsman: Record-keeping (updated 28 August 2026)
- ACNC: Keeping charity records
- ACNC: Examples of financial and other records
- business.gov.au: End of financial year checklist
This article is general information, not personal advice. Rules and dates can change, so check ato.gov.au or acnc.gov.au for the latest, or speak to us about your situation.