Quick Summary
Buyers and sellers in New Zealand must keep 'taxable supply information' as evidence of transactions. This refers to a minimum set of details that supports the figures in their GST returns and no longer requires a single physical 'tax invoice'. The specific information depends on the transaction's value and type.
Details
Essential Records for NZ GST
Under the new rules effective from 1 April 2023, both buyers and sellers must maintain 'taxable supply information' to meet their GST obligations. This information is crucial for verifying transactions and supporting your GST return entries.
- Purpose: To provide sufficient evidence for GST collected and claimed.
- Flexibility in Storage: Unlike the old 'tax invoice' system, the required information does not need to reside in one document. It can be spread across:
- Your transaction records
- Your accounting systems
- Your contractual documents
- Value and Type Dependent: The specific minimum set of information required varies based on the value and nature of the supply. It's important to ensure that, in combination, your records contain all the necessary data.
Source: GST guide (IR375)