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  1. #1
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    Default How long do i keep tax records?

    I was cleaning out our shed this arvo and found a box of all my old tax stuff from 2005 when i was self employed. Am i safe to get rid of it? Is it 5 or 7 yrs u are supossed to keep for?

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    7 years .

  3. #3
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    Thanks....guess i might hold onto them till next yr to be safe!

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    LifeInShadesOfGrey is offline Just a little bit silly :)
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    Definately hang onto everything for 7 years.

  5. The Following User Says Thank You to LifeInShadesOfGrey For This Useful Post:

    ShanandBoc  (21-05-2012)

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    It's only 5 years.

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    Thanks...think i might just keep hold of it all until next year then it will be 8 years!

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    Quote Originally Posted by ShanandBoc View Post
    Thanks...think i might just keep hold of it all until next year then it will be 8 years!

    PP was correct it is 5 years , I read your post wrong and thought you had a self managed business.

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    Tax stuff is 5 years. Most other documentation that might be required for legal purposes is 7 years, but if you get audited they only expect up to five years.

    Free up some space and turf it!

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    Yay i love throwing stuff out lol!!

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