Keeping tax records
Are you in business or self-employed?
Did you know you need to hold onto tax records for at least seven years?
Should IRD ever want to audit you, you will need to be able to produce all records, whether they are paper-based or electronic.
These records include:
- Proof of income & expenses
- Vehicle logbooks
- Banking records
- Receipts
- Wage/payroll information
- Petty cash
- Asset registers and depreciation schedules
- GST calculations/Workings
- Worksheets
- Financial Accounts
- Emails
- Legal documents
- Stock records
If you store your records on a computer, then you will need to keep backups of this data should you ever need to retrieve information and store your backups offsite.
Here are some helpful resources for you to refer too:
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