Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) A person required to keep a tax record must retain the record for 5 years after the record was made or obtained, or the transaction to which it relates was completed (whichever is the later).
Maximum penalty: 100 penalty units.
(2) However, the Commissioner may, by written approval:
(a) reduce the period of retention required under subsection (1) for specified tax records, or tax records of a specified class; or
(b) authorise the destruction of specified tax records before the period of retention required under subsection (1) comes to an end.
(3) An approval under subsection (2) operates only for the purposes of a taxation law and does not confer an exemption from other laws.