You generally need to keep records of depreciating assets for as long as you have the asset, and then another 5 years after you sell, or dispose of, the asset. However, there are different time periods and requirements that apply if the depreciating asset is in a low-value pool or is subject to rollover relief.
Information your records need to show |
Examples of types of records |
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You must also keep:
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Additional record-keeping requirements apply if you acquire an asset from an associate, or if you acquire a depreciating asset and the user is the same or is an associate of the former user.
Last modified: 08 Jun 2023
Claiming small business tax deductions
Steps | Progress | ||||
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What are deductions and what can I claim? |
5 mins | ||||
Accounting for private use of assets |
9 mins | ||||
Expenses you can never deduct |
1 mins | ||||
Expenses you can deduct over time |
10 mins | ||||
Stock and asset records |
5 mins | ||||
Expenses you can deduct immediately |
5 mins | ||||
Other deductions records |
1 mins | ||||
Motor vehicle deductions |
4 mins | ||||
Motor vehicle deductions records |
2 mins | ||||
Related courses |
1 mins | ||||
Course Feedback |
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