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Records of closed entities

Newbie

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Can someone please advise if and for how long financial records of a closed entitiy need to be held for. 

 

And who is responsible for storing those records if the directors of the company no longer reside in Australia, or have passed away? 

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ATO Certified Response

ATO Community Support

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Hi @Curious8,

 

Tax records should be kept for 5 years after lodgement.

 

Most companies usually have tax agents that are responsible for storing their tax records even after the company has ceased operating.

 

If there is no tax agent appointed and the director is overseas then they still are required to keep tax records. If the director or primary contact has passed away, usually the estate should keep the records.

 

You can find more information about record keeping under Detailed business record-keeping requirements.

1 REPLY 1

Most helpful response

ATO Certified Response

ATO Community Support

Replies 0

Hi @Curious8,

 

Tax records should be kept for 5 years after lodgement.

 

Most companies usually have tax agents that are responsible for storing their tax records even after the company has ceased operating.

 

If there is no tax agent appointed and the director is overseas then they still are required to keep tax records. If the director or primary contact has passed away, usually the estate should keep the records.

 

You can find more information about record keeping under Detailed business record-keeping requirements.