For most Australian businesses, the safest starting point is this: don’t destroy records until the required retention period has ended. In many cases, tax records must be kept for at least five years, while employee pay and time records generally need to be kept for seven years. Companies must also keep financial records for at least seven years. Visit :  https://www.helloshred.com.au/blog/how-long-should-australian-businesses-keep-records-before-shredding-them