In short

Most tax records must be kept for 5 years under section 262A of the 1936 Act, but CGT records for property and shares fall under section 121-25 of the 1997 Act and must be retained for the entire holding period plus 5 years after disposal. A certified CGT asset register can let source documents be discarded earlier while preserving the cost base.

For Australian retirees managing their tax and financial affairs, the question of how long to keep records is a recurring practical matter. Decades of working life and investment activity produce substantial accumulated paperwork — old tax returns, bank statements, investment confirmations, super statements from multiple funds, property purchase contracts, share trade dockets, receipts for deductions. The boxes and filing cabinets fill up, and at retirement many people ask what can safely be discarded and what must be kept. The ATO's record-keeping rules under section 262A of the Income Tax Assessment Act 1936 establish a general 5-year retention period for most income tax records, counted from the later of when the records were prepared or obtained or when the relevant transaction or acts were completed. But specific categories have longer retention requirements — most importantly, CGT records under section 121-25 of the Income Tax Assessment Act 1997 must be retained until the asset is disposed of plus 5 years, which for long-held property and share investments can mean 30, 40, or even 50 years of relevance. For retirees rationalising decades of paperwork, understanding which records can be safely discarded after 5 years versus which need to be preserved is essential to managing the records load while maintaining ATO compliance.

The 5-year general rule covers the bulk of tax records. Under paragraph 262A(4)(a) of the 1936 Act, all records must be kept for a period of 5 years after the documents were prepared or obtained, or 5 years after the completion of the transaction or acts to which the records relate, whichever is the later. The records covered include income statements (PAYG payment summaries, dividend statements, interest statements, super pension payment statements, Centrelink benefit statements); deduction records (receipts, calculations, supporting documentation); records of foreign income and assets; and substantiation for any claimed offsets or rebates. For a return lodged in October 2026 covering the 2025-26 income year, supporting records must be retained until October 2031 — a 5-year period from lodgement. After that, the records relating to that year (other than the categories with longer retention) can be safely discarded. The 5-year rule is a minimum; many taxpayers retain records longer as a matter of practice, particularly given the ATO's amendment periods (typically 2 years for simple individual affairs, 4 years for more complex affairs — articles/2026-05-04-tax-return-amendment-periods-2-year-4-year-retirees) and the possibility of subsequent ATO review.

Why do CGT records need to be kept longer?

The CGT records exception is the single most important category requiring longer retention. Section 121-25 of the 1997 Act requires a taxpayer to retain records until the end of 5 years after it becomes certain that no CGT event (or no further CGT event) can happen in relation to the asset — and this CGT rule prevails over the general 5-year rule. In practice, that means records for a CGT asset must be retained for the entire holding period plus 5 years after disposal. For a long-held asset — an investment property held for 25 years, a share portfolio accumulated over decades — the CGT records remain relevant the whole time. The records required include the original purchase contract or acquisition documentation; the costs of acquisition (legal fees, stamp duty, conveyancing costs); capital improvements over the years of holding (with dates and amounts); holding costs added to the cost base under specific provisions (for example, non-deductible holding costs on investment property under the cost base rules in Division 110); and the disposal documentation when the asset is eventually sold. For a retiree who acquired an investment property in 1995 and still holds it in 2026, the original purchase records from 1995 must still be available — they are the foundation for calculating the eventual capital gain on sale. Lost or incomplete records can result in cost base claims being unsupported, with the ATO potentially adopting a less favourable position.

What is the CGT asset register option?

The CGT asset register option is an under-used relief mechanism worth flagging. Where a taxpayer prepares an asset register that records the necessary details for each CGT asset — acquisition date, cost base components, indexation/discount eligibility, disposal details — they can then dispose of the underlying source records after 5 years from the date the register entry was certified by a registered tax agent, even if the asset is still held. The register has specific content requirements and must be in English. For retirees with substantial holdings of long-held assets, the register approach can dramatically reduce the physical records load while preserving the CGT cost-base position — an investment property bought in 1995 with a properly certified register entry from (say) 2010 allows the original 1995 contract documents to be discarded from 2015 onwards, with the register entry standing as the cost-base record on eventual sale.

How long should super contribution records be kept?

The super contribution records have indefinite practical utility. While there is no specific legislative requirement to retain super contribution records indefinitely as far as the ATO's record-keeping rules go, the records have long-term planning relevance. The tax-free component of a super interest depends on the history of non-concessional contributions, government co-contributions, and pre-1983 components — and the component analysis affects death benefit tax outcomes, recontribution strategy planning, and two-pension strategy analysis (articles/2026-05-04-two-pension-strategy-tax-free-taxable-split-estate-planning). Annual super statements showing components, contribution history, and balance changes are the foundation of this analysis. Most retirees retain super contribution records indefinitely because they're rarely voluminous and provide ongoing value. For SMSF members, the records are more complex (trustee minutes, investment decisions, member benefit statements, audit reports) and have ongoing compliance relevance — they should be retained throughout the fund's life, and trustee minutes and decisions in particular must be kept for at least 10 years under SIS Regulation 8.02A, with member records typically retained for at least 5 years after wind-up.

What property and real estate records matter most?

The property and real estate records are the highest-stakes category for typical retiree investors. For each investment property currently held, the cost-base records include the purchase contract; stamp duty receipt; conveyancing legal fees; building and pest inspection costs; any capital improvements (renovations, extensions, structural changes) with dates and amounts; any non-deductible holding costs that can be added to cost base; and (when eventually sold) the sale documentation, agent's commissions, and sale-related legal fees. For a retiree with multiple investment properties accumulated over decades, the cost-base records can be substantial — and the dollar value of preserving them is real. On a $1.5M property with $1.0M of latent gain, the cost-base records are what support the $500,000 portion that is not assessable, and missing records can shift the gain calculation against the taxpayer by a meaningful amount. For the main residence, the records are still relevant despite the main residence exemption — particularly where there is any history of income production (home-based business, rental periods, room rentals), partial exemption may apply and the records support the claim.

How should share and investment records be handled?

The share and investment records are similarly important but easier to reconstruct from registry sources. For shares acquired through a broker, the original buy contract notes show the purchase price and brokerage. For long-held portfolios with shares acquired through multiple brokers (some of whom may have been acquired or wound up), records can be patchy. Modern share registries (Computershare, MUFG Pension and Market Services — formerly Link) maintain electronic records that can be accessed by the shareholder, and the CHESS sponsorship system provides another source of historical data. For trades older than the current broker's electronic system, registry records may be the only source. For each holding, the records needed are acquisition cost (date, price, brokerage), dividend history (useful for franking credit tracking and verifying cost base on DRP-acquired parcels), and disposal records when sold. Annual broker statements provide a useful summary, and most modern brokers offer electronic access to historical data.

Is digitising old paper records an acceptable approach?

The digitisation approach is the modern solution to the physical paperwork burden. The ATO accepts electronic records — scanned documents, PDFs, digital photographs — provided they are a true and clear reproduction of the original. For retirees with decades of accumulated paper, scanning and digital storage substantially reduces the physical burden while preserving the records. The practical approach is to scan documents in categories (CGT assets, super contributions, property, annual returns), store in clearly-named folders with consistent naming conventions, back up to cloud storage and a secondary local drive, and periodically verify the records are accessible. The retiree (or their executor or family) can then access records from any location without the physical archive. Some clients prefer to retain paper originals alongside digital copies; others use digitisation as an opportunity to fully discard the paper originals. Both approaches are acceptable provided the electronic records are reliable.

What does an annual records review involve?

The annual records review is the discipline that prevents accumulation. The recommended approach is to schedule an annual review where the previous year's records are organised and stored, and older records that have passed their retention requirement are discarded. The review covers identifying records older than 5 years that don't relate to currently-held CGT assets — these can be discarded; updating cost-base records for any current-year property improvements or share transactions; verifying that records for CGT assets are complete and accessible; and identifying any gaps (missing receipts, missing statements) and addressing them while memories are fresh. For retirees with multiple investment properties, share portfolios and other complex holdings, the annual review is meaningful work — but it prevents the records from becoming overwhelming and ensures the documentation supports the eventual tax positions on disposal.

Worked planning examples

These two cases show how records retention applies in practice. Illustrative only — not personal advice — using FY25-26 figures.

Case 1 — Brian, 71, retired in 2020. He has an investment property bought in 1990 (still held), a share portfolio with holdings dating back to the 1980s, and decades of tax records in boxes filling his garage. On these facts the records strategy is to discard old tax returns and supporting records from before 2019 (more than 5 years old, related to assets he no longer holds, assuming any sold assets are now well past the 5-year post-disposal window); retain all records relating to the 1990 investment property (acquisition contract, stamp duty receipt, all capital improvement records over 35 years) — these are essential for the eventual sale CGT calculation; retain acquisition records for share holdings still held (original contract notes, share registry records); and digitise the bulk of preserved records — Brian can substantially reduce the physical paperwork by scanning the still-relevant records and discarding the originals. On these facts a particularly useful step is the CGT asset register: Brian could engage his tax agent to prepare and certify a register entry for the 1990 investment property and his oldest share parcels, which would then allow the original 1990s contract documents to be discarded 5 years after the certification — preserving the cost-base position through the register rather than the original paper. The 35-year-old investment property records are the most critical without that register; without them or the register, the cost base on eventual sale would be contested and potentially understated. The boxes of pre-2019 tax returns can largely be discarded.

Case 2 — Catherine, 65, just retired. She has been organising records during her gradual exit from work. Her major assets: super of $700,000 (recently consolidated from three previous funds); a share portfolio of $200,000 acquired over the last 15 years; her family home (purchased 1995); no investment property. On these facts Catherine's records position is simpler. She should retain super contribution statements from across her three previous funds (important for component analysis on eventual death benefits or recontribution strategy); retain acquisition records for her current share holdings (original contract notes, registry data); retain family home purchase records (1995) — particularly if there is any prospect of future partial-rental or income-production that would compromise the main residence exemption; discard old tax returns and supporting records from before 2019 (no current CGT assets affected); and organise the keep-records into digital format with clear categories. Catherine's records position is much lighter than Brian's because her asset base is simpler — no investment property, modest share portfolio. The annual review discipline is the main ongoing practice.

For retirees managing accumulated paperwork from decades of working life and investment activity, the records retention question is practical but consequential. The advice work is to educate clients on the 5-year general rule and the CGT exception (s 262A versus s 121-25), identify CGT assets that require long-term records preservation, recommend the CGT asset register where it can reduce the physical archive on old holdings, recommend digitisation for paper-heavy clients, structure an annual records review discipline, ensure executors and family can access important records, and reconstruct any incomplete records from registry sources, bank archives, or broker electronic systems while these are still accessible. For too many retirees, the records position is binary — either everything is kept indefinitely (filling garages and storage units) or important records are discarded prematurely. Active records management aligned with the ATO requirements is the middle path that maintains compliance without unnecessary clutter.

Sources

Key takeaways

  • The general rule is 5 years from when records were prepared or the relevant transaction completed, whichever is later.
  • CGT records for a held asset must be kept for the whole holding period plus 5 years after disposal.
  • A certified CGT asset register lets source documents be discarded 5 years after certification, even if the asset is still held.
  • SMSF trustee minutes and decisions must be kept for at least 10 years under SIS Regulation 8.02A.
  • Scanned and digital copies are acceptable to the ATO provided they are a true and clear reproduction of the original.

Frequently asked questions

How long do I need to keep my tax records?

The general rule under section 262A of the Income Tax Assessment Act 1936 is 5 years, counted from the later of when the records were prepared or obtained or when the relevant transaction was completed. Most income statements, deduction receipts and offset substantiation only need to be kept for this 5-year window.

Do I need to keep property purchase records forever if I still own the property?

Yes, effectively. Under section 121-25 of the Income Tax Assessment Act 1997, CGT records must be kept until 5 years after it becomes certain no further CGT event can happen to the asset, which in practice means the whole holding period plus 5 years after disposal. For a property bought decades ago and still held, the original purchase records remain essential.

What is a CGT asset register and how does it help?

It's a register, certified by a registered tax agent, that records the acquisition date, cost base components and other key details for a CGT asset. Once certified, the underlying source records can be discarded 5 years after the certification date, even if the asset is still held, which can substantially cut the physical paperwork for long-held property or shares.

Can I keep scanned copies instead of paper originals?

Yes. The ATO accepts electronic records such as scans, PDFs and digital photographs, provided they are a true and clear reproduction of the original document. Digitising records in clearly organised, backed-up folders is an accepted way to reduce the physical archive while remaining compliant.

A note on advice. This article is general information only and doesn't account for your personal circumstances. Everyone's situation is different — before acting, it's worth talking it through with a licensed adviser who knows your full picture.