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Company and corporateCommonwealthMinimum retention

Company financial records

How long should Australian businesses keep company financial records, and when does the clock start?

Keep for7 years
Clock startsThe transactions are completed
Applies toCompanies, registered schemes and disclosing entities

General information, not legal advice or permission to destroy a record. Coverage may be incomplete or out of date. Check the official text, other applicable obligations and any investigations, disputes or legal holds before disposal. Get advice for your situation. Terms of use.

Under the Corporations Act 2001, companies, registered schemes and disclosing entities must keep company financial records for at least 7 years. Clock starts: the transactions are completed.

Written financial records that correctly record and explain the company's transactions, financial position and performance.

This is the Corporations Act 2001 requirement. The same records can also fall under other laws. See other terms that apply.

The terms

s 286(1)–(2)Corporations Act 2001
7 years
after the transactions covered by the records are completed

Conditions and exceptions Caution

Related obligation: it is an offence to conceal, destroy or falsify company books (s 1307). This is an integrity rule, not a retention period.

The law

Corporations Act 2001, s 286(1)–(2) · Obligation to keep financial recordsOfficial text ↗
286 Obligation to keep financial records (1) A company, registered scheme, registrable superannuation entity or disclosing entity must keep written financial records that: (a) correctly record and explain its transactions and financial position and performance; and (b) would enable true and fair financial statements to be prepared and audited. The obligation to keep financial records of transactions extends to transactions undertaken as trustee. Period for which records must be retained (2) The financial records must be retained for 7 years after the transactions covered by the records are completed. Fault‑based offence (3) A person commits an offence if the person contravenes subsection (1) or (2). Strict liability offence (4) A person commits an offence of strict liability if the person contravenes subsection (1) or (2).
Text as at 19 September 2026
Corporations Act 2001s 286(1)–(2) · Federal Register of Legislation
Legislation ↗
ASICOfficial guidance
Guidance ↗

Other terms that apply to these records

This page covers company financial records on their own. The same file is often caught by other laws as well, with different periods and start dates. See why a legal term is not a schedule.

4 records. 4 sets of rules. They don't agree.

One business file can hold all of these at once.

Company financial records7yCorporations Act 2001, s 286(1)–(2) · the transactions are completed
Business tax records5yIncome Tax Assessment Act 1936, s 262A(1), (4) · later of preparation or the transaction
GST records and tax invoices5yTaxation Administration Act 1953, s 382-5(1), s 382-5(3), s 382-5(4) · completion of the transactions
Audit working papers7yCorporations Act 2001, s 307B(1), s 307B(3) · the date of the audit report

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