NZ Business Records: What to Keep and for How Long
17 October 2026 · Guide · Not tax advice
Educational information only. Not tax, legal or financial advice. We are not Inland Revenue (IRD) or ACC and are not affiliated with them. Check ird.govt.nz or ask a qualified tax agent. Sources read October 17, 2026. Anything marked expected should be re-checked. Examples use made-up numbers. This page contains no affiliate links.
Short answer: The IRD's record keeping page says to keep records of cash and non-cash sales and expenses throughout the year and to keep all records, including electronic ones, for at least 7 tax years. Records must be in English or Māori unless the IRD approves another language, and if you store them offshore (including cloud computing), either you or your cloud provider must have the IRD's approval. If you're audited, the IRD checks these records.
Why it matters for the other guides
- Income tax return (IR3): your records support the figures.
- GST: the IRD page links to "Taxable supply information for GST" (invoice rules).
- Deductions: home office, vehicle logbook, entertainment, assets.
A practical list (our suggestion, based on the IRD headings)
- Sales invoices, cash takings, bank statements.
- Purchase invoices and receipts, expense claims.
- GST records and returns; PAYE records if you have employees (the IRD page links to PAYE records).
- Asset purchases and depreciation (Investment Boost evidence: assets page).
Tools and cloud
Cloud accounting is fine, but offshore storage needs approval by you or your provider.
Situations the page links to
"I am starting a new business" and "I am self employed and making a loss" (links only; not read).
Timeline
Section 22 of the Tax Administration Act 1994 says records must be kept for at least 7 years after the end of the income year they relate to. For the tax year ended 31 March 2027, that means keeping them until at least 31 March 2034. The IRD can require you, by notice before the 7 years end, to keep records for up to 3 more years (Tax Administration Act 1994, s 22). IRD guide IR320 says your record keeping duties continue after you stop operating your business.
FAQ
Are photos of receipts acceptable? The page says electronic records count; image requirements weren't read.
Do I keep records after closing the business? Yes: IRD guide IR320 says your record keeping duties continue after you stop operating your business.
What we could not verify
- How to apply to store records offshore, and image requirements for photographed receipts: not read.
- Whether approval is still needed if a backup copy is kept in New Zealand: not verified (seen only in a search summary), so we do not claim it.
- The IRD checklist IR1008 (2019): not read.
- Retention rules for a loss-making business (linked page not read).
- The IRD page says "7 tax years" while the Act says "7 years after the end of the income year"; we follow the Act.
Sources (official)
- IRD, Record keeping — official page (read in full October 17, 2026; no review date shown)
- Tax Administration Act 1994, section 22 — official page (read October 17, 2026)
- IRD, Record keeping guide IR320 — official page (read October 17, 2026)
- IRD Standard Practice Statement 21/02 — official page (read October 17, 2026; in force 6 May 2021)