Forum Discussion

ope-nz's avatar
2 years ago

NZ - Receipt requirements for very small purchases?

Hi All, small business owner here.

 

Background, when I was an employee we werent required to provide receipts for small purchases for reimbursment. This was an instruction from the company accountant.

 

Now as a business owner, I have a number of small recurring expenses each month eg Microsoft Teams subscription $6

 

It generally takes me a good 5 minutes to track down the receipt, upload etc before I can reconcile. These are tagged with Microsoft etc in the bank statements.

 

Does anyone know if it is an IRD requirement to upload receipts for low value expenses like this? Are bank statements enough?

 

I cant find anything on the IRD website. I can find invoicing requirements but the best I can find for receipts is that it says to keep all records for 7 years (but then it list recipts, bank statements as examples).

 

Another example is bank charges. I dont get a receipt per se from the bank so I have a rule that automatically reconciles these.