Value Added Tax Consolidation Act 2010 section 85E

Retention of records by payment service providers

Section 85E sets out the record retention requirements for payment service providers in relation to payment transaction records collected under section 85C.

• Payment service providers must retain records of payment transactions collected under section 85C in electronic format.
• The retention period is three calendar years from the end of the calendar year in which the payment was made.
• For example, records relating to a payment made in March 2024 must be kept until 31 December 2027.
• The requirement ensures a standardised electronic record-keeping system to support compliance and potential audits.