Document ID: chunk:federal_register_of_legislation:C2004C01279:clause:3_40e
Version: federal_register_of_legislation:C2004C01279
Segment Type: clause
Provision Reference: sch 3 cl 40E
Character Range: 87503–88170

40E  Meaning of minimum retention period

  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.

Division 2—Retaining financial transaction documents