Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe 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.