Inland Revenue requires all companies to keep accurate and complete records. Your organisation must hold all records for seven years, even if you cease operating (except for incorporated organisations that have been wound up and dissolved). Inland Revenue can also extend the period you must keep records for if they intend to audit or investigate your organisation.
When you're GST registered, you'll need to keep all receipts/invoices that are over $50. You don't need to hold a tax invoice for items costing less than $50, but you do need to maintain a record of such payments.
These receipts do not need to be physically and can instead be uploaded into Xero and stored there - much easier than the good old days!
If you have a lot of receipts, there are a whole bunch of nifty apps you can utilise. These apps allow you to take a photo of the receipt using your smart phone and store/upload it straight to Xero or another system as required.
If you have any questions call us on 0800 555 024 or email email@example.com.