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How long do tax records need to be kept

how long do tax records need to be kept

How to determine retention requirements of records within your area

  1. Determine whether the records are still required for legal, administrative, financial or audit function in your area or within the University.
  2. Determine the retention requirements from the General Retention and Disposal Authorities as listed above.

Before using a disposal authority, first read its guidelines for use or implementation.

Important details to note include the following:

  • Minimum retention

A minimum retention requirement will be specified. Ongoing legal, administrative, financial or audit requirements must also be considered. Records can be retained longer if there is a genuine requirement.

Decisions to retain records longer than the minimum retention requirement need to be authorised by the relevant head of faculty/unit. The decision and justification must be documented as such decisions impact ongoing storage requirements.

  • Disposal triggers In many cases the trigger is

    'after action completed'. If a record is to be kept for two years after action completed, the two years will run from the date that the last action was finished. In the case of student records, date of last action is usually when a student graduated or discontinued study.

  • Records covered by more than one section of the disposal authority Sometimes a record falls under more that one disposal authority section. When this occurs, the longest retention time frame will applies.
  • Records not covered under any section of the disposal authority

    If your records don't seem to be covered under any section, contact UTS Archive staff.

  • University Records runs Archiving and Disposal Workshops in July and December/January each year. If you are unable to attend one of the scheduled sessions please contact UTS Archive staff in University Records and we can arrange an individual session.

    Category: Taxes

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