How long should I keep financial paperwork for?

Hello,

 

Completely inspired by your book SORTED, I am currently organising my household!  I got married 2 years ago and the merging of my husband’s single life + my single life + 2 businesses has just meant paper everywhere! So I’m now getting on top of it all (and it feels good!).  I just love your book and I tell everyone about it.

 

Quick question – do you know how long I should keep general bills (eg. home telephone, electricity etc.). As I don’t use them for tax or anything like that I am not sure whether I actually need to keep them after payment has been made?

 

Your advice would be greatly appreciated.

 

Cassie. 

 

Hey Cassie – good to hear you are getting things sorted!

To answer your question, anywhere between 3-12 months is more than ample, or if you’re feeling really brave, chuck ‘em out after they’re paid!  Personally, I keep mine for 12 months, as it allows me to compare my usage (wow!  did the electricity bill jump up in winter, or what?) but really, that’s being very, very um… anal!

If you do need any financial paperwork for taxation purposes, The Australian Tax Office stipulates you need to keep it for 5 years from the time you submitted your return.

Hope this helps!

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