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Section 286 of the Corporations Act requires financial records to be kept for at least seven years after the transactions covered by the records are complete.

For instance, birth and marriage certificates, copies of wills, Premium Bond certificates, share certificates, mortgage papers are all worth hanging on to. While household bills and bank statements should be kept for at least two years, and insurance documents as long as they are valid.

KEEP 3 TO 7 YEARS Knowing that, a good rule of thumb is to save any document that verifies information on your tax return?including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts?for three to seven years.

Bank statements are important to verify debit and credit activity. They should be kept in hard copy or electronic form for one year. Your bank will allow you to access your statements for at least one year online (most banks keep them for five years or more!)

In this article, we will walk through the types of documents you want to hold on to and how to safely store them. Major Documents and Financial Records (Keep Forever) ... Supporting Tax Documents (Keep 3-7 Years) ... Bank/Credit Card Statements and Pay Stubs (Keep 1 Year)

You must be able to produce receipts, invoices, canceled checks or bank records that support all expense items. You should also keep sales slips, invoices or bank records to support all income items. These records should be retained for at least 10 years after they have expired.

Examples of valuable papers used occasionally include birth, marriage, and death certificates; deeds; leases; contracts; insurance policies; military papers; divorce decrees; Social Security records; and wills. It is important to carefully store valuable papers which would be difficult or time- consuming to replace.