How Long Do I Have to Keep Tax Records in Australia?

Reference ID: 2605SN02 | By Mark Walmsley — Chartered Accountant | Registered Tax Agent | TPB 25498770

Published: Friday 15 May 2026

Five years. That is the answer for most Australians, most of the time. But the five-year rule has exceptions that matter — particularly for property owners, investors and anyone who has purchased depreciating assets.

Here is the complete breakdown.

The standard rule: five years from lodgement

The ATO requires most individuals to keep tax records for five years from the date they lodge the return to which those records relate. If you lodge your 2024-25 return in October 2025, the records supporting that return must be kept until at least October 2030.

This applies to receipts, bank statements, invoices, logbooks, WFH hours records, and any other documents that substantiate the income you declared or the deductions you claimed.

Exceptions to the five-year rule

Depreciating assets

If you have claimed depreciation on an asset — a laptop, work tools, a vehicle under the logbook method — keep the purchase records for five years from the date the asset is fully depreciated or disposed of, whichever is later. This can significantly extend the effective retention period.

Capital gains assets (shares, property, crypto)

For any asset subject to capital gains tax, keep all purchase and improvement records for five years after the date you dispose of the asset. If you bought shares in 2015 and sell them in 2029, the purchase records need to survive until 2034. If you still hold the asset, the records must be kept indefinitely.

Matters in dispute with the ATO

If you have an objection, appeal or amendment under review, keep all relevant records until the matter is fully and finally resolved — regardless of how long that takes.

If you have not yet lodged

If for any reason a return has not yet been lodged, the five-year clock has not started. The obligation to keep records continues until five years after lodgement.

What format do records need to be in?

Digital is fine. The ATO accepts photos, scans, PDFs, app-based logs and electronic statements, provided the records are legible, complete, unaltered and can be produced on request. Paper originals do not need to be kept if a digital copy meets these requirements.

The GoTax Deduction Grabber stores your receipts, expense records and logbooks in the cloud with automatic backup at gotax.com.au/deduction-grabber — a practical way to ensure records survive the full five-year period without relying on a shoebox.

After you lodge, GoTax keeps your return history

Every tax return lodged through GoTax is retained in your account. The return itself is your core tax document — the records behind it are yours to keep. For answers to common records and lodgement questions, see gotax.com.au/faqs or explore gotax.com.au/tax-tips.

Frequently asked questions

Do I need to keep records for years I did not lodge a return?

If you were required to lodge and did not, the limitation period does not apply in the usual way. The ATO can assess those years at any time. Keep records for any year in which you had taxable income, whether or not a return was lodged.

What if I lose records during the five-year period?

Reasonable reconstruction is generally accepted. Contact your bank for statement copies, email suppliers for duplicate invoices, and search your inbox for digital receipts. The ATO expects genuine effort to substantiate claims, not perfection.

Does the five-year rule apply to business records for sole traders?

Yes, with the same exceptions. BAS records must also be kept for five years from the date of lodgement of the relevant BAS. Asset and CGT records follow the longer-of rules above.

About the author

Mark Walmsley is a Chartered Accountant (CA) and Registered Tax Agent with 32 years of Australian tax practice experience. He is the principal author of all GoTax tax content and the Registered Tax Agent responsible for every GoTax-lodged return. TPB Registration 25498770.

GoTax content is researched and drafted with AI assistance and reviewed before publication by Mark Walmsley, registered tax agent (TPB 25498770).

This content is general in nature and does not constitute personal financial or taxation advice. Tax outcomes depend on your individual circumstances. This content reflects Australian tax law as understood in May 2026. Consult a registered tax agent for advice specific to your situation.