The Australian standard for record keeping involves AS ISO 15489 (Information and documentation - Records management) for core principles and ISO 16175 for digital systems, alongside specific requirements from the ATO (generally 5 years retention for most business records) and other regulators like AUSTRAC, emphasizing accuracy, integrity, and accessibility across digital and physical formats for compliance, evidence, and accountability.
You need to keep most business records for 5 years. This period starts from when you either got the records or completed the transactions or actions they relate to, whichever is later. You must keep some records for longer than 5 years.
Employers are required to make and keep employment records for seven (7) years. The records are required to be: in a form that is readily accessible to an authorised Inspector. in a legible form and in English (preferably in plain, simple English)
AS ISO 15489.1: 2017
It defines the concepts and principles to be used in developing approaches to the creation, capture and management of records to meet compliance, business and societal requirements. Information in the standard applies to all records, regardless of format, business or technological environment.
Provides guidance, as a voluntary code of practice, for the implementation of records management strategies, procedures and practices in any organization which needs to control and manage its records to meet business, legal, fiscal and quality systems requirements.
You must keep your written evidence for 5 years from the date you lodge your tax return. In limited circumstances, there are different time periods for keeping records or record keeping exceptions.
The AS 1680 series provides minimum lighting requirements for specific interior tasks. The first Standard in the series, AS 1680.0 relates to the minimum requirements set for electrical lighting systems in public areas within buildings to assist with safe movement of people.
Be clear, legible, concise, contemporaneous, progressive and accurate.
Documents that define your personal and financial life—like your birth certificate, marriage license and tax returns—should be kept forever. Hold on to records that support information on your tax returns for seven years. Digitizing and shredding your paper documents can cut the risk of fraud and identity theft.
The Australian Standard AS/NZS 4187:2014 is the updated national standard that must be met by all hospitals and day procedure services for cleaning and sterilising (reprocessing) of surgical instruments and other reusable medical devices.
Keep Forever
2 years, 4 years, 10 years, or more – if you failed to lodge or deliberately lodged falsely, the ATO can target you for a tax audit. This raises the question of what kind of tax errors might be serious or suspicious enough so that they cannot be solved by simply amending a past return.
6 years. You're eligible for a partial MRE. You can choose to treat the property as your main residence for the period you lived in it and the first 6 years you rented it out, but you can't claim the exemption for another property for the same period.
You must keep transaction records for seven years. You may have to keep a record of information about international electronic funds transfer instructions (EFTIs). An EFTI is an instruction to transfer funds electronically between financial institutions.
There are four types of records: official records, transitory records, non-records, and personal records. Some records are kept for a short amount of time, and some records have long retention periods. Retention periods for records are approved by Retention and Disposal Schedules.
You must keep records for 6 years from the end of the last company financial year they relate to, or longer if: they show a transaction that covers more than one of the company's accounting periods. the company has bought something that it expects to last more than 6 years, like equipment or machinery.
Keep for 7 Years
Bank & Credit Card Statements
Old bank and credit card statements should be securely shredded once you have the necessary information – not doing so could leave you vulnerable to identity theft. Opt for paperless online statements where possible!
Employment records, including wages, PAYG withholding, and superannuation details, should be retained for a minimum of five years. However, in some cases, the Fair Work Ombudsman or other regulatory bodies may require longer retention.
You need to keep most records for 5 years. Generally, the 5-year retention period for each record starts from when you prepared or obtained the record or completed the transactions or acts those records relate to, whichever is later.
How Long Should Records Be Retained: Each employer shall preserve for at least three years payroll records, collective bargaining agreements, sales and purchase records.
Financial records can be electronic. However, you must be able to create hard copies within a reasonable timeframe if you are asked for them. For example, you must be able to print an invoice. Companies must keep financial records for at least 7 years.
No, most Australian Standards are not free for purchase or full access, costing significant amounts, especially for businesses, but Standards Australia offers limited, free online viewing (read-only) through its Reader Room for personal, non-commercial use, allowing limited access per year. The National Construction Code (NCC) is free online, but the referenced Australian Standards typically require purchase, creating a significant cost barrier for industry, though advocacy for free access is ongoing.
Australian Standard AS 1428 is a suite of standards setting minimum design requirements for building accessibility in Australia, ensuring people with disabilities have equal access to buildings and facilities, covering ramps, circulation spaces, accessible bathrooms, and signage, mandated by the Building Code of Australia (BCA). Key parts like AS 1428.1 focus on general requirements for new buildings, specifying dimensions and features for continuous accessible paths, wheelchair access, and facilities for sensory or ambulatory needs.
This Standard sets out a simplified method for determining pump displacement and free air delivery of a reciprocating air compressor package with a maximum pump displacement of 2400 litres per minute.