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Information Leaflet

No.25 Methodist Stipends and Allowances

Information Leaflets

Retention of Records

It is a legal requirement that all business records, including wages and PAYE records, as well as GST records and invoices must be retained for a period of at least seven years after the year to which they relate.

It is strongly recommended that no financial records be destroyed prior to seven years. Records may be stored electronically, such as within a computer system, so long as the software is also retained to allow the records to be retrieved, and adequate offline backup copies are retained.

When a treasurer completes their term of office all the records in their possession must be returned to the Parish Superintendent.

The Parish Superintendent is responsible to check that all the documents have been returned before handing them on to the new treasurer.

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