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

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- manual cashbooks / ledgers

- computerised accounting system backups

- bank statements, credit card statements, cheque butts, deposit slips

-  buyer created tax invoices / payslips

-  evidence of payment for example receipts and invoices received from suppliers i.e. phone, etc (note not required for spend under $50)

-  motor vehicle logbooks

-  wage records

-  interest and dividend statements

-  legal statements

-  details of calculations for use of home as office

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These records (including any in electronic format) need to be retained for at least seven years - even if you cease business activities.

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Author: Kirsty Bullen

Managing Director

Campbell Tyson Limited

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