What Records Do I Need To Keep?

Inland Revenue require you to keep all documents relevant to running your business or rental property – it is wise to do this because if ever they choose to do an audit on your activities – the more documentation you have to substantiate income and expenses the less stressful this process will be. These include…

Bank statements, cheque and deposit books
Tax invoices & receipts for costs paid
Invoices sent – copies of invoices or invoice books if you use these to invoice clients
Wage & payroll data – either electronic or manual
Vehicle log books
Till tapes and day books
Copies of IRD returns prepared and filed

Inland Revenue also suggest you keep your personal bank account records as well. These items need to be kept for 7 years so it is a good idea to get a system in place to keep each financial year together.