Commonwealth Consolidated Acts

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 40E

    The minimum retention period , in relation to a financial transaction document of a financial institution, is:

  (a)   if the document relates to the opening of an account with the institution--the period of 7 years after the day on which the account is closed; or

  (b)   if the document relates to the opening by a person of a safety deposit box held by the institution--the period of 7 years after the day on which the safety deposit box ceases to be used by the person; or

  (c)   in any other case--the period of 7 years after the day on which the transaction takes place.