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.

Posted 14/10/2008

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