What records does a company need to keep?
Good record keeping is a legal requirement for New Zealand companies — and it makes filing your tax return much easier.
How long do you need to keep records?
IRD requires companies to keep all financial records for a minimum of 7 years from the end of the tax year they relate to. In some cases, IRD may require records to be kept for up to an additional 3 years beyond this.
What records must be kept?
You need to keep records of:
- Income — invoices, sales records, bank deposits
- Expenses — receipts, supplier invoices, proof of payment
- Bank statements — all business accounts
- Payroll records — PAYE deductions, employee details, Employer Monthly Schedules
- GST records — GST returns, tax invoices issued and received
- Financial statements — profit & loss, balance sheet
- Shareholder and director records — meeting minutes, share register, dividend records
- Asset records — details of any property or equipment owned by the company
Format of records
Records can be kept in either physical or digital format. If you store records electronically (including cloud storage), your storage provider must be based in New Zealand or have IRD approval for offshore storage.
All records must be in English or Māori, unless you have IRD approval to use another language.
Tips for staying organised
- Connect your bank account to accounting software so transactions are automatically recorded
- Upload receipts immediately — use your phone camera or a scanning app
- File all supplier invoices as soon as they arrive
- Back up digital records regularly to a second location
Source: ird.govt.nz — Record keeping | business.govt.nz — Keeping tax records