How long should I keep my tax records?

How long am I required to keep my tax records?

What is the time limit to amend my tax return?

Small Businesses – You are required to keep your records for five years from when the return was prepared.  And you have two years to amend those returns.

Individuals – You are required to keep your records for five years from when you lodged your return and two years to amend.

All other tax payers – You are required to keep records for 5 years from when they were prepared and four years to amend.

Sourced from ABN Business Bulletin Autumn 2014