You have to keep sufficient records to calculate the income, expenses and GST liability of your organisation, and to enable us to confirm your accounts if necessary. The records you must keep are:
- receipt and payment account books
- bank statements
- invoices (including GST tax invoices)
- any other necessary documents to confirm entries in your accounts
- stocktake figures for the end of the financial year
- wage records for all employees, including ESCT and KiwiSaver records
- interest and dividend payment records.
For GST you do not need to hold a tax invoice for items costing less than $50, but you do need to maintain a record of such payments. For income tax, you should have invoices for all expenses, whatever the amount.
Your organisation must hold all records for seven years, even if you cease operating (except for incorporated organisations that have been wound up and dissolved). We can also extend the period you must keep records for if we intend to audit or investigate your organisation. If this is the case, we'll write and tell you what records to keep.
All your records must be in English, unless we give you written approval to use another language.
If we request you to, your organisation should be able to fill in a tax return and identify the source and end use of all its funds.
If you file your tax returns electronically, you must keep a paper copy of the return (and supporting records) for seven years.
It is important to keep all this information as we routinely audit people's records.
Date published: 01 Mar 2010