Generally, you must keep your tax invoices and GST records for 5 years. This 5 year period starts from the date you prepared or obtained the record, or when you completed the transaction the record relates to.

There are some situations where you will need to keep your records longer than 5 years, including if your business owns capital assets that are subject to capital gains tax.

You should keep records long enough to cover the period of review (also known as the amendment period) for an assessment that uses information from the record.

The Australian Securities and Investments Commission (ASIC) requires companies to keep records for 7 years.

If you don't keep the right tax records, you may incur financial penalties, or be required to complete a record-keeping course (or both).