How Long Should You Keep Important Documents?Conquer the paper mess!

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Receipts, rates and insurances – why are we afraid to throw them away? You just never know when you might need them.

Referring back to old bills for discrepancies and comparisons is one reason to keep, but what about the paperwork that has been piling up since the 90’s?

We all know the documents you never want to part with: birth certificates, marriage licenses, wills and anything legal. And others that you may know are very important, but aren’t quite too sure what their shelf life should be, particularly tax-related documents.
So what do we need to keep and what do we need to toss?

How Long Should You Keep Important Documents? - Stay at Home Mum

Tax-related documents

General rule of thumb for anything tax is seven years, you just never know when the tax man might come knocking for an audit.

How Long Should You Keep Important Documents? | Stay At Home Mum

• Copies of tax returns
• Tax or any legal communication
• Non-deductible IR contributions
• End-of-year financial statements
• Retirement plans
• Property investment either bought, inherited or received as a gift
• Tax write off related items
• NOA forms
• ABN invoices

Life and everyday documents

Life documents are just that, you keep for life. Get a tidy little organiser for these documents and put them somewhere safe. It’s a good idea to make digital copies for an offsite back up and also share them with your loved ones in case of an emergency.

How Long Should You Keep Important Documents? | Stay At Home Mum

• Birth certificates
• Marriage licenses
• Divorce papers
• Death certificates
• Copies of will, power of attorney etc.
• Passports
• Retirement plans

Next Page: What Documents to Keep or Not to Keep

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