If you’re GST registered you need to have tax invoices/receipts for your expenses to claim back the GST.
GST receipts have the sellers GST number and contact details listed, and itemise the purchases and GST component claimable.
You don’t need a tax invoice for income and expenses under $200.
The records you may need to keep for tax purposes include:
invoices
receipts
wage books
petty cash
banking records
vehicle log books
asset registers and depreciation reports
emails, eg arranging business meetings
You must keep all records, whether they're electronic or paper-based, for at least seven years and they need to be in English.
Since 1 April 2024, GST registered online marketplaces that facilitate the sale of services by sellers must collect and pay GST when the service is performed, provided, or received in New Zealand. These GST rules do not apply to services that do not use an online marketplace.
Accounting software can make your record keeping easy and provide storage safe.
Photographs can be taken and attachments emailed directly to the files or bills function in Xero.
If you would like to discuss this, please contact Fiona Tate on 0226 739638 or email contact@sortedout.co.nz
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