Retention time varies and depends on the type of record and for whom the record is kept.

The Australian Taxation Office offers useful information on record keeping for small business.

The ATO requires records to be kept for five years.

Section 286(2) of the Corporations Act requires financial records to be kept for seven years.

Penalties may be applied if a business does not keep the required records. Record retention requirements should be noted in the business archiving and destruction policy.