8 years.. earlier it was 10 years
We must keep tax records for 10 years for a business
4 yrs
A person should keep personal tax records for about 7 Years in Australia.
At least ten years.
Various companies keep the records various times. For the most part (for tax purposes) it is best to keep all records for 5 to 7 years after the date.
We must keep tax records for 10 years for a business
4 yrs
A person should keep personal tax records for about 7 Years in Australia.
At least ten years.
Various companies keep the records various times. For the most part (for tax purposes) it is best to keep all records for 5 to 7 years after the date.
You should keep records of your income tax to prove you did it correctly if questioned later.
Provided his estate went through probate properly in 2004 then you would not usually be expected to keep personal tax records much after that - however if the estate included a business then you may need to keep the records for that for 7 years.
usually about 6-7 years i was told by my late father
How long a person keeps tax records for a deceased person will vary depending on the circumstances. Use your best judgment. It is recommended that a live person keeps their records for 5 to 7 years.
IRS publication 552, covers Record Keeping for Individuals. (They have a separate one for Business). It covers record keeping (what and how long) for tax records and supporting docs. Pretty easy to understand. Minimum for tax-related is 3 years, but it could be as long as 7.
7 Years See Inland Revenue Website:
You should keep your business records for a minimum of three years for federal income tax purposes. Records retention for state tax agencies varies, but three years would also be a minimum for these tax authorities as well. Note that your records having to do with any depreciable capital assets should be kept until at least three years after the assets are disposed of. Also, any records having to do with tax carryover items should be kept for at three years after the carryover is used up.