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Keeping tax records

As part of running a business, you need to keep track of records related to your taxable business activities. 

You must keep all your records easily accessible for at least seven years so you can provide them to Inland Revenue if you're audited.

Records you need to keep

You need to keep all records, whether they're electronic or paper-based, for at least seven years.

The records you may need to keep include:

  • invoices
  • receipts
  • wage books
  • petty cash
  • banking records
  • vehicle logbooks
  • asset registers and depreciation schedules

Keeping records (external link) — Inland Revenue

Where to get help

For more information about record-keeping and claiming expenses, check out these Inland Revenue guides:

Smart business (external link) (IR320)

Record-keeping factsheet (external link) (IR323)

Record-keeping checklist (external link) (IR1008)

Common mistakes

Avoid these common record-keeping pitfalls:

  • Not holding on to all the records you need to keep. If you're audited and don't have the proof of things you've claimed, you can face big penalties or legal action.
  • Not keeping your records for long enough — you have to keep everything for at least seven years.

Tips on keeping tax records

Tips on personnel files and record-keeping

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