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