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  1. Government Recordkeeping
  2. Rules
  3. Retention & Disposal Authorities
  4. General retention and disposal authorities
  5. Local government records (GA39)
  6. Part 2: The General retention and disposal authority (GA39)
  7. FINANCIAL MANAGEMENT (GA39)
FINANCIAL MANAGEMENT (GA39)

TOC

The function of managing the organisation's financial resources. Includes establishing, operating and maintaining accounting systems, controls and procedures, financial planning, budgeting, estimates of expenditure and receipts, forecasting, and managing revenue from charging and investments. Also includes managing allocations of resources and accountability.

See CORPORATE MANAGEMENT for records relating to agreements, contracting, meetings and tenders relating to financial management.

See GRANTS AND SUBSIDIES for records relating to the management of payments to the organisation from State and Federal Governments for special purposes and from the organisation to other agencies.

ACCOUNTING

The process of collecting, recording, classifying, summarising and analysing financial transactions. Includes financial statements, and the implementation, maintenance, monitoring and auditing of the organisation's accounting systems and internal controls.

No Description of records Disposal action
12.1.1 Records documenting the organisation's financial transactions which are the primary record of transaction. Includes revenue, expenditure, debt recovery, deposits, investments, revenue from levies, banking and rates. Retain minimum of 7 years after end of financial year in which record was created, then destroy
12.1.2 Records relating to handling money and managing the organisation's finances which are not the primary record of the organisation's financial transactions. Retain minimum of 2 years after end of financial year in which record was created, then destroy
12.1.3 Records relating to the establishment and management of bank accounts. Includes the closure of accounts. Retain minimum of 7 years after account is closed, then destroy
12.1.4 Records relating to the organisation's chart of accounts. Retain until administrative or reference use ceases, then destroy
12.1.5 Records relating to the assessment and payment of taxation. Includes income tax, fringe benefits tax (FBT), goods and services tax (GST), sales tax, stamp duty, payroll tax, financial institutions duty (FID), fuel tax and pay as you go (PAYG) withholding. Records include:

  • tax assessments
  • business activity statements
  • tax invoices.

Note: if the records form the primary record of the organisation's financial transactions they should be retained as per FINANCIAL MANAGEMENT - Accounting 12.1.1.

 Retain minimum of 5 years after end of financial year in which record was created, then destroy
12.1.6 Records relating to bonds or bank guarantees/securities. Includes bank guarantees related to development applications.

Retain until matter completed, then return to applicant or bank
12.1.7 Records relating to the management of incidental benefits received by employees in the course of their official duties, e.g. frequent flyer points. Retain minimum of 7 years after action completed, then destroy
12.1.8

Records containing sensitive cardholder authentication data captured as part of an electronic financial transaction. Information may include but is not limited to card verification value (CAV2, CID, CVC2 or CVV2), full magnetic stripe data, Personal Identification Number (PIN)/PIN Block.

Note: Management of these records should be in accordance with the Payment Card Industry - Data Security Standard (PCI-DSS).

 Retain until transaction completed, then destroy
12.1.9

Records containing cardholder data captured as part of an electronic financial transaction including information printed, processed, transmitted or stored in any form on a payment. Information may include but is not limited to Primary Account Number (PAN), cardholder name, expiry date, service code.

Note: Management of these records should be in accordance with the Payment Card Industry - Data Security Standard (PCI-DSS).

 Retain minimum of 3 months after last business, legal and/or regulatory action, then destroy

AUDIT

The activities associated with officially checking financial, quality assurance and operational records, systems or processes to ensure that they are in accordance with legislated requirements or agreed standards.

See CORPORATE MANAGEMENT - Audit for records relating to audits which cross functions, examine core functions or measure organisational performance or compliance at a strategic level.

No Description of records Disposal action
12.2.1 Records relating to audits of the organisation's accounts or financial management records, systems and processes which:

  • identify serious misuse or wastage of public money
  • set a precedent, and/or
  • lead to a major change in policies.

Records include:

  • records of audit planning or liaison with auditing body
  • minutes or notes of meetings
  • correspondence
  • audit reports
  • records of remedial action.
 Required as State archives
12.2.2 Records relating to audits of the organisation's accounts or financial management records, systems and processes which do not:

  • identify serious misuse or wastage of public money
  • set a precedent, and/or
  • lead to a major change in policies.

Records include:

  • records of audit planning or liaison with auditing body
  • minutes or notes of meetings
  • correspondence
  • audit reports.
 Retain minimum of 6 years after action completed, then destroy

AUTHORISATION

The process of seeking and granting permission to undertake a requested action.

No Description of records Disposal action
12.3.1 Records relating to approvals and authorisations for travel or reimbursements of expenses etc for personnel or others, including approved and refused applications. Records include applications and approvals. Retain minimum of 7 years after end of financial year in which record was created, then destroy
12.3.2 Records of authorisations from residents, ratepayers and users of services to deduct or withdraw money from accounts, e.g. direct debit authorisations to pay rates or to withdraw money from accounts of nursing home residents. Retain minimum of 7 years after authorisation is superseded or withdrawn, then destroy

BANKING

See FINANCIAL MANAGEMENT - Accounting for records relating to the operation of bank accounts and reconciliation of accounts.

BUDGETING

The process of planning the use of expected income and expenditure over a specified period.

No Description of records Disposal action
12.5.1 Budget estimates, including estimates for expenditure on new policy proposals or programs, and capital works for significant or heritage listed buildings and structures. Required as State archives
12.5.2 Records relating to the development and review of budget estimates. Records include:

  • estimates and supporting documents prepared for internal use
  • calculations and costings for annual, forward, draft, revised and additional estimates
  • submissions from business units or offices within the organisation.
 Retain minimum of 6 years after preparation, then destroy
12.5.3 Records relating to the organisation's spending progress or revenue against allocations within the budget. Retain minimum of 2 years after end of financial year in which record was created, then destroy

COMPLIANCE

The activities associated with complying with mandatory or optional accountability, fiscal, legal, regulatory or quality standards or requirements to which the organisation is subject. Includes compliance with legislation and with national and international standards.

No Description of records Disposal action
12.23.1

Records relating to the organisation's compliance with mandatory or optional standards or with statutory requirements regarding financial management, e.g. taxation reporting, registration of Australian Business Number (ABN), Australian Company Number (ACN), Data Universal Numbering System Number (DUNS), accounting standards.

Note: Retention period is provided as a guideline only. Any records providing evidence of organisational compliance with statutory or operating requirements must be kept as long as the organisation has to account for its actions.

 Retain minimum of 7 years after registration lapses or is superseded or minimum of 7 years after action completed, whichever is longer, then destroy

CORRUPTION

The processes which allow the disclosure of corruption, and strategies for the prevention of corruption (including fraud).

See GOVERNMENT RELATIONS - Inquiries for records relating to formal inquiries conducted by external bodies.

No Description of records Disposal action
12.24.1 Records relating to specific instances of theft, fraud, misappropriation or negligence. Includes actual, attempted or suspected cases. Records include reports of investigations and records documenting liaison with external authorities. Retain minimum of 10 years after action completed, then destroy

CREDITORS

See FINANCIAL MANAGEMENT - Accounting for records relating to the management of payments.

DEBTORS

See FINANCIAL MANAGEMENT - Accounting for records relating to the management of debtors.

DONATIONS

See FINANCIAL MANAGEMENT - Accounting for records relating to financial donations.

See FINANCIAL MANAGEMENT - Policy for records relating to policies, conditions and requirements for donations.

FEES AND CHARGES

The activity of setting and managing fees and charges for services, facilities and infrastructure provided by the organisation.

No Description of records Disposal action
12.9.1 Records relating to submissions on the setting of fees and charges that are referred to a higher authority, such as the Independent Pricing and Regulatory Tribunal (IPART). Records include background research, records of consultation and associated reports and submissions. Required as State archives
12.9.2 Records relating to the determination of fees and charges for providing services, facilities and infrastructure that are not referred to a higher authority. Includes discounts for early payments, incentive schemes etc. Records include pricing structures and fee schedules. Retain minimum of 7 years after superseded, then destroy
12.9.3 Records relating to requests to waive or vary charges for providing services, facilities and infrastructure, including the waiving of rates. Records include applications and requests, supporting documentation and determinations. Retain minimum of 7 years after end of financial year in which transaction was completed, then destroy
12.9.4 Lists of fees and charges. Retain until superseded, then destroy

FINANCIAL REPORTING

The activity of preparing reports and summaries of financial transactions.

See CORPORATE MANAGEMENT - Reporting for records relating to the organisation's annual report.

See FINANCIAL MANAGEMENT - Audit for records relating to audit reporting.

No Description of records Disposal action
12.10.1 Records relating to the preparation and review of financial statements and summaries. Includes annual statements of assets and liabilities, balance sheets, profit and loss statements, operating statements of financial position and cash flow statements. Records include:

  • final signed off statements
  • working papers and supporting documents needed to explain the methods by which financial statements are made up and adjustments to be made in preparing financial statements.
 Retain minimum of 7 years after end of financial year in which record was created, then destroy
12.10.2 Periodic interim financial statements and reports prepared on a regular basis, e.g. weekly or monthly. Includes trial balances or reconciliations. Retain minimum of 1 year after end of financial year in which record was created, then destroy

INVESTMENTS

See FINANCIAL MANAGEMENT - Accounting for records relating to investments.

See FINANCIAL MANAGEMENT - Policy for records relating to investment policy.

LEDGERS

See FINANCIAL MANAGEMENT - Accounting for ledgers.

LEVIES

See FINANCIAL MANAGEMENT - Accounting for records relating to the management of revenue raised from levies.

LOANS

The activity of borrowing money to enable the organisation to perform its functions and exercise its powers.

No Description of records Disposal action
12.14.1

Records relating to operations, and individual appropriations, borrowings and loans to or from other organisations and individuals. Includes applications and repayments.

Note: Transaction completed for records relating to borrowings should be interpreted as when loan is discharged or borrowings are repaid or rolled over.

 Retain minimum of 7 years after end of financial year in which transaction was completed, then destroy

PLANNING

The process of formulating ways in which objectives can be achieved. Includes the determination of services and needs, and the solution to those needs.

See CORPORATE MANAGEMENT - Planning for records relating to strategic, corporate and business planning.

No Description of records Disposal action
12.15.1 Records relating to the development and review of plans for the management of the organisation's financial services, including economic appraisals etc. Includes final, approved versions, associated correspondence indicating who the plans apply to and responsibilities for their implementation, background research, drafts etc. Retain minimum of 5 years after superseded, then destroy

POLICY

The activities associated with developing and establishing decisions, directions and precedents which act as a reference for future decision making and as the basis from which the organisation's procedures are determined.

See CORPORATE MANAGEMENT - Policy for records relating to the organisation's policies on organisation-wide matters.

No Description of records Disposal action
12.16.1 Records relating to the organisation's policies for the management of financial resources. Records include:

  • policy proposals
  • background research
  • records of consultations or meetings
  • reports analysing issues and the outcomes of consultation
  • final versions and significant drafts of policies
  • associated correspondence indicating who the policies apply to and responsibilities for their implementation.
 Retain minimum of 7 years after superseded, then destroy

REGISTRATION

Compiled registers and summary records.

See FINANCIAL MANAGEMENT - Accounting for accounting registers.

See PROPERTY MANAGEMENT (COUNCIL PROPERTY) - Registration for property registers.

No Description of records Disposal action
12.17.1 Registers documenting the assets and/or accountable items in the possession of the organisation. Includes plant, equipment, machinery, motor vehicles, tools, furniture, furnishings, office equipment etc which have useful lives of more than one year. Retain minimum of 7 years after asset is disposed of, then destroy
12.17.2 Records relating to unclaimed money. Includes copies of returns and registers used to record unclaimed money. Retain minimum of 20 years after date return lodged, then destroy

REVENUE

See FINANCIAL MANAGEMENT - Accounting for records relating to the management of income.

SPONSORSHIP

See COMMUNITY RELATIONS - Sponsorships and Donations for records relating to donations received or granted under sponsorship agreements.

TAX

See FINANCIAL MANAGEMENT - Accounting for records relating to taxation.

See FINANCIAL MANAGEMENT - Compliance for records relating to compliance with taxation reporting.

TRUSTS

See FINANCIAL MANAGEMENT - Accounting for records relating to trust funds.

UNCLAIMED MONEY

See FINANCIAL MANAGEMENT - Registration for records relating to unclaimed money.