How long should you keep your business records for? And why does it matter?
As business owners, it’s often confusing to know what type of records you need to keep and for how long.
In today’s ‘Ask CHN’ blog, we’ll explain the general timeframes about how to keep which records from when your business tax return was lodged.
- 5 years for most businesses
- 7 years for companies (under the 2001 Corporations Act requirements)
- 10 years for self-managed super funds