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Tax and accountingCommonwealthKeep records

Franking account records

How long do franking account records need to be kept in Australia?

Keep forNo period stated
Clock startsNot stated in s 214-175
Applies toCorporate tax 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 Coverage may be incomplete or out of date.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 Income Tax Assessment Act 1997, corporate tax entities must keep franking account records: no period stated.

Records of the franking account balance and liabilities for franking tax and deficit tax.

This is the Income Tax Assessment Act 1997 requirement. The same records can also fall under other laws. See other terms that apply.

The terms

s 214-175(1)Income Tax Assessment Act 1997
No period stated
Start not stated

Conditions and exceptions Caution

Section 214-175 requires the records but does not set a retention period.

From the provisions:

  • A PDF does not need to maintain records under section 262A in relation to a venture capital sub-account if the PDF does not elect to be a participating PDF.

The law

Income Tax Assessment Act 1997, s 214-175(1) · Record keepingOfficial text ↗
Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if: (a) the reference in that section to a person carrying on a business were a reference to a corporate tax entity; and (b) the reference in paragraph (2)(a) of that section to the person's income and expenditure were a reference to: (i) the entity's franking account balance; and (ii) the entity's liability to pay franking tax; and (c) paragraph (5)(a) of that section were omitted.
Text as at 27 August 2026
Income Tax Assessment Act 1997s 214-175(1) · Federal Register of Legislation
Legislation ↗
Australian Taxation OfficeOfficial guidance
Guidance ↗

Other terms that apply to these records

This page covers franking account 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.

3 records. 3 sets of rules. They don't agree.

One business file can hold all of these at once.

Franking account recordsNo periodIncome Tax Assessment Act 1997, s 214-175(1) · not stated in s 214-175
Business tax records5yIncome Tax Assessment Act 1936, s 262A(1), (4) · later of preparation or the transaction
Company financial records7yCorporations Act 2001, s 286(1)–(2) · the transactions are completed

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