As the End of Financial Year (EOFY) approaches in Australia, businesses and individuals alike are entering a critical period of financial review and tax preparation. While you’re busy reconciling accounts and gathering important documents, it’s also the perfect time to declutter and securely dispose of paperwork that’s no longer needed. But before you toss anything into the bin, it’s important to understand the risks associated with improper document disposal, and how professional shredding services can help you stay compliant and protected.
Why Document Security Matters at Tax Time
Tax season often involves handling sensitive personal and financial information, from tax file numbers and bank statements to business contracts and invoices. With identity theft and data breaches on the rise, discarding these documents carelessly can expose you to significant financial and reputational risks.
According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch, Australians lost over $30 million to identity theft scams in the last year alone. Many of these incidents began with criminals accessing discarded documents that weren’t properly destroyed.
At Vault Onsite Shredding, we believe that protecting your data should be a top priority, especially when clearing out paperwork during tax season.
What Should You Keep and What Should You Shred?
It’s tempting to clear everything out in one go, but some documents need to be retained for legal or personal reasons. The Australian Taxation Office (ATO) provides clear guidelines on document retention:
Documents You Should Keep:
- Tax returns and supporting documentation (keep for at least 5 years after filing)
- Superannuation records
- Business financial statements and bank records
- Property purchase and sale documents
- Loan agreements and mortgage documents
- Asset depreciation schedules
Documents You Can Safely Shred:
- Old utility bills (if paid and no longer needed)
- Outdated bank statements older than 5 years
- Cancelled checks and receipts for small, non-deductible purchases
- Expired insurance policies
- Junk mail and credit card offers containing personal information
If in doubt, always consult with your accountant or financial adviser before disposing of any financial documentation.
The Risks of DIY Document Disposal
While it may seem convenient to tear up documents and toss them in the recycling, this method doesn’t provide sufficient security. Criminals can easily piece together torn documents or retrieve papers from unsecured bins. Even home shredders may not fully destroy documents, leaving sensitive information vulnerable.
Professional document destruction services, like those offered by Vault Onsite Shredding, ensure that your information is completely and irreversibly destroyed in compliance with privacy regulations, including the Privacy Act 1988 and the Australian Privacy Principles (APPs).
Why Choose Vault Onsite Shredding for EOFY?
At Vault Onsite Shredding, we provide secure, reliable, and environmentally responsible document shredding solutions. Our mobile shredding service comes directly to your location, allowing you to witness the destruction of your documents on-site for complete peace of mind.
Our EOFY Shredding Services Include:
- Onsite secure shredding with certified destruction processes
- Locked security bins for safe document storage prior to shredding
- Certificate of Destruction provided for your compliance records
- Environmentally friendly recycling of shredded materials
Whether you’re a small business owner finalizing tax returns or an individual wanting to declutter your home office, our team ensures your sensitive documents are handled securely and responsibly.
Tips to Stay Organized Year-Round
Avoid the EOFY rush by implementing good document management practices throughout the year:
- Go Digital Where Possible: Scan important documents and store them securely in the cloud or on encrypted drives.
- Use a Document Retention Schedule: Regularly review and dispose of documents according to their retention period.
- Invest in Secure Storage: Use locked filing cabinets or safes for sensitive paperwork.
- Schedule Regular Shredding Services: Rather than waiting until EOFY, set quarterly or bi-annual shredding appointments to keep your workspace clutter-free.
Book Your EOFY Shredding Service Today!
Don’t wait until the last minute to secure your sensitive information. Book your professional shredding service with Vault Onsite Shredding today and enjoy peace of mind knowing your documents are handled with the highest level of security and care.
Visit vaultonsiteshredding.com.au
Call us directly to schedule your EOFY clean-up!
