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Keep records longer for losses

The rules for keeping proper records relating to your tax affairs, including when you carry forward a tax loss.

Last updated 27 May 2015

If you use information from those records in a later tax return, you may have to keep records for longer. So, if you carry forward a tax loss, you must keep the records until the end of any period of review for the income tax return in which the loss is fully deducted.

See also

Taxation Determination TD 2007/2Income tax: should a taxpayer who has incurred a tax loss or made a net capital loss for an income year retain records relevant to the ascertainment of that loss only for the record retention period prescribed under income tax law?