Record books you’ll need to keep are your wage, deposit, petty cash and cash books. These help you complete your return. We use them when we want to check your accounts.
There should be a wage book for each tax year showing each employee:
- on their own page
- working for you at the start of the year
- who started employment with you during the year.
Details you need in your wage book
- Total gross earnings, including taxable allowances (the amount before PAYE is deducted).
- Amount of earnings not liable for ACC earner levy.
- The amount of PAYE deducted (taking into account any tax credits for payroll giving donations).
- Any payroll giving donations and tax credits for them.
- Child support deductions.
- Student loan deductions.
- KiwiSaver employee deductions.
- KiwiSaver employer contributions (gross).
- Net KiwiSaver employer contributions.
- Other superannuation contributions.
- ESCT (employer superannuation contribution tax).
- The taxable value of any employee share scheme (ESS) benefit.
- The total tax, plus student loan and child support, deducted from the ESS benefit (if any).
- The value of tax-free reimbursing allowances.
- Any advanced pay.
- Any personal service rehabilitation payment.
- Employees who receive an extra pay that is taxed at less than 17.5 cents in the dollar.
Wage book summaries
Summarise the details for each employee at the end of each deduction payment period. This will be either:
- twice-monthly or monthly, depending on your yearly PAYE deducted
- every payday if you're a payday filer.
Keep a summary sheet for each payment period showing these totals:
- gross wages
- PAYE deducted (taking into account any tax credits for payroll giving donations)
- any payroll giving donations and tax credits for them
- child support deductions
- student loan deductions
- KiwiSaver employee deductions
- net KiwiSaver employer contributions
- the taxable value of any employee share scheme (ESS) benefit
- the total tax, plus student loan and child support, deducted from the ESS benefit (if any).
When you put your deposit book together, we’ll need to see entries showing the:
- deposit date
- payer’s name (this is who gave you the funds)
- the amount of each deposit.
In your deposit book, show if the funds were:
- credit card dockets
Use your cashbook to record what your business sells and buys. It should show how transactions were made, including:
- direct credit
- internet banking
- telephone banking
- automatic teller machines.
Petty cash books
Your petty cash book shows the cash available for day-to-day expenses and what it was spent on, eg milk, tea, postage and taxi fares.