Australian Businesses must be compliant with several levels of legal requirements to operate. From protecting personal data, such as confidential client and employee details - to protecting sensitive company information and abiding by industry specific regulations. Failure to comply at any level can impact business continuity, reputation, and the profitability. There can be serious consequences for mishandling the retention and destruction of business documents. Complete the following table on the retention period and form of retention for the Financial Services Industry. Records Retention period Forms of retention Corporations Act - Financial records Australian Taxation Office - Income Tax Assessment Act 1997 GST Requirements - The Taxation Administration Act requires an entity which enables a taxable supply or creditable acquisition to keep records that identify and explain all transactions relevant to that supply