how long do you need to keep business records for in nz?
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Whether you're a small business, contractor or self-employed, you need to hold on to tax records — for at least seven years — so you can pass them to Inland Revenue if you're audited.
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Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return. Most supporting documents need to be kept for at least three years.
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Notice anything? You will find each type of record carries its own requirements for retention or purging. Some list a range; for example, certain health records must be kept for 5–7 years.
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Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
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['Working time records: Keep for2 years from the date the records refer to.', 'Payroll records: Keep for 3 years from the end of the tax year that they relate to.', 'Maternity, Paternity or Shared Parental Pay records: Keep for 3 years after the end of the tax year that the payment stopped.']
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The General Rule Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.
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Tax disputes aside, the law generally requires you to keep tax records for 5 years after tax returns are lodged. This means you should keep all receipts, proof of income, calculations, nominations and other records which support the contents of you tax return for five years.
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To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
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The records of the information you use to complete your tax return need to be kept for five years, starting from when you prepared or obtained the records, or completed the transactions or acts those records relate to, whichever is later.
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In the US, the IRS requires companies to keep their business tax returns for at least 3 years from the time of tax filing. But don't crank up the paper shredder on Year 3.
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In the UK you're required to keep payroll records for three years. This is to make sure your employees' rights are protected. HMRC can investigate your payroll records. If there are any problems with your employees' details or pay – you may be subject to penalties.
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For tax purposes, you need to keep your business income tax returns and other business records. If you are filing Canada Revenue Agency (CRA) taxes you need to retain records for six years.
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Well, here's the answer, straight from the source. According to the Canada Revenue Agency, “if you file your return on time, keep your business tax records for a minimum of six years after the end of the taxation year to which they relate.”
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Records must be retained for a minimum of 5 years (13 NCAC 14B. 0610). Covered employers. All employers with minor employees under 18 years of age are subject to the recordkeeping requirements.
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Generally, you need to keep your records for five years from the date you lodge your tax return. See also: Keeping your tax records.
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How long to keep your records. Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to.
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Whether you operate a business with employees or are self-employed, the Internal Revenue Service advices that all records of employment taxes be kept for at least four years after the filing of the fourth quarter of the last year. Other tax records, such as retirement plan documents, must be kept longer.