Documents to retain and for how long?

Discussion in 'Accounting & Tax' started by mnschwarz, 24th May, 2018.

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  1. mnschwarz

    mnschwarz Member

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    Hey guys,
    I've just been going through old tax records etc and chucking anything that is no longer needed due to being past the required 5 year holding period. I'm wondering however what I should keep (for CGT or so) basically forever until I decide to sell a property (never sold one yet). What kinds of records would I be asked for or would benefit in reducing CGT etc? Thanks.
     
    mnschwarz, 24th May, 2018
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Terry_w, 24th May, 2018
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    Perthguy and Paul@PAS like this.
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Forever is also my recommendation. You can scan and store them electronically (PDF scans) and this may protect against deterioration. If in doubt, keep it
     
    Paul@PAS, 24th May, 2018
    #3