Retention of records

Retention periods commence from the date of the last entry in a particular record.

Record	Retention period
Close corporations
Founding statements, amended founding statements and
minute books	Indefinite
Companies
Memorandum and Articles of Association, annual returns,
certificate of change of name, certificate of incorporation,
certificate to commence business, letters of indemnity,
minute books, notice of meetings	Indefinite
Directors’ attendance registers, index of members, register
of allotments, registers of directors and officers, register of
directors’ interests in contracts and shares, register of
members, register of pledges and bonds and fixed assets	15 years
Share transfer forms (cancelled)	12 years
Accounting records
Books of account, annual financial statements, cash books,
all ledgers, fixed asset registers, journals, stock records	15 years
Cheques, bills of exchange, stock sheets (listed companies	6 years
Bank statements, creditors invoices and statements, debtors
statements, receipts, sales tax records, VAT records, stock
sheets (unlisted companies), tax returns and assessments	5 years
Agreements and contracts
Agreements of significance	Indefinite
All other agreements and contracts	5 years
Microfilmed records
The microfilm image of any original record reproduced
directly by the camera - the ‘camera master’	Indefinite
Where a microfilm copy, certified as required by statute,
has been made, original records may be destroyed after
three years.

 

Note: The above list is not comprehensive. It should be noted that all records including agreements, valuations, bank statements etc. that are required to prove any capital gain or loss must be retained for a period of five years after the return disclosing the asset disposal was received by the Commissioner. Where the taxpayer has lodged an objection against an assessment, the relevant records should be retained until the objection is finalised.