Your obligations in relation to destroying and keeping business documents - Xero & Tax Accountants Brisbane. Northern Business Consultants

Your obligations in relation to destroying and keeping business documents

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Perhaps you’ve read our previous blog post ‘three tips to set your business up for success in the new financial year’ which suggest different ways to reflect on the year that was.
Maybe this has given you a new perspective and has convinced you that now is the time to go paperless.
To help assist in this process we want to make sure that you are aware of what business records you must keep and what you can destroy.

The Privacy Act (1988) regulates how businesses collect, use, store and disclose personal information. Documents should be destroyed or de-identified when the minimum time is completed, this reduces the risk of significant security breaches to the company.

Documents should be destroyed so that any personal information (including names, date of birth,
profession and other personal information) is unidentifiable. Shredding documents is one of the most common ways to destroy sensitive documents.

The table below is a general guideline of disposal periods and is not designed to constitute legal advice, any questions or further information should be directed to a legal expert such as a lawyer or government agency for clarification.

If you require assistance with management of your documents, or to explore your options in going paperless and improving your business and productivity contact us on (07) 3862 8777.

Tanya Clonan
Tanya Clonan
Tanya manages the marketing and social media of NBC. She has Bachelor of Business, majoring in Marketing and Management degree at Queensland University of Technology.