Record Keeping

The IRD requires that you keep sufficient records to be able to calculate your income and expenses and confirm your accounts.

This would include:

  • manual cashbooks / ledgers
  • computerised accounting system backups
  • bank statements, credit card statements, cheque butts, deposit slips
  • buyer created tax invoices / payslips
  • receipts and invoices received from suppliers i.e. phone, etc
  • motor vehicle logbooks
  • wage records
  • interest and dividend statements
  • legal statements
  • details of calculations for use of home as office These records (including any in electronic format) need to be retained for at least seven years - even if you cease business activities.