Skip to main content

Delays to response times: It is taking longer than usual for us to answer calls and myIR messages. This is because of the demand for COVID-19 business support, and the impact COVID-19 is having on our teams. We appreciate your patience and will respond as soon as we can. If possible, please contact us through your myIR account. Log in to myIR

COVID-19 Support Payment (CSP): Applications for the CSP are now closed. Due to the large number of applications for the CSP, there may be a delay in approving some applications. Find out more about the CSP

Budget 2022: The Government has announced Budget 2022, which includes changes to child support payments. Find out more on our Tax Policy website

Budget 2022: The Government has announced a Cost of Living Payment, which will be paid from 1 August 2022. You do not need to apply for this payment. If you are eligible, we’ll pay it into your bank account. Find out more

It's important you keep accurate and complete records of your income and expenses for 7 years.

Records of income

You should keep these records of your income and expenses:

  • tax invoices  everybody keeps these. It's important to keep them if you're registered for GST and you’re invoicing a customer, client or another GST registered person
  • other invoices
  • credit card sales – you’ll need to keep all copies of the vouchers and voucher schedules
  • debit notes  if you're registered for GST and the price of your goods or services goes up after you issue your original tax invoice, you must provide clearly marked debit notes to your customers
  • credit notes  if you're registered for GST and the price of your goods or services drops after you issue your original tax invoice, you must provide clearly marked credit notes to your customers
  • cash register tape  you’ll need to keep this if your business makes a lot of cash sales and does not have to issue tax invoices for each sale. Record all cash sales on the tape.

Records of expenses

Records of expenses should include:

  • tax invoices for purchases of more than $50 if you want to claim these in your GST return. You must get them when you buy goods or services for a business
  • evidence of payment, for example invoices, cash sale dockets and till receipts
  • evidence of credit card purchases, including credit card vouchers, payment receipts and monthly statements. Also keep the invoice issued at the time of purchase.

Employing staff

Last updated: 30 Sep 2020
Jump back to the top of the page