Under the Taxation Administration Act 1953, entities with indirect tax obligations must keep gST records and tax invoices for at least 5 years. Clock starts: completion of the transactions.
Records that record and explain transactions relevant to GST and other indirect taxes, including tax invoices and adjustment notes.
3 provisions of the Taxation Administration Act 1953 apply to these records. Each one is set out below.
The terms
Conditions and exceptions Caution
From the provisions:
- Applies to supplies, importations, acquisitions, dealings, manufacture or entitlements listed in subsection (2)
- Commissioner notifies entity it need not retain the record
- Entity is a company finally dissolved
- Applies where the return takes into account an input tax credit under subsection 29-10(5) of the GST Act or a fuel tax credit under subsection 65-5(5) of the Fuel Tax Act 2006
The law
Other terms that apply to these records
This page covers gst records and tax invoices on their own. The same file is often caught by other laws as well, with different periods and start dates. See why a legal term is not a schedule.
3 records. 3 sets of rules. They don't agree.
One business file can hold all of these at once.
Now do that for every record your organisation holds, and redo it when the law changes. ScheduleOne has done that work, and keeps it current.
See ScheduleOne →