  8. Keeping business recordsNow that a new tax year is underway, it's a good time to review your record keeping system. You are required to keep records under the tax laws - Inland Revenue can disallow a claim if it is not supported by proper records - but there are also good business reasons for keeping records:
- better control of your business
- more chance of getting a loan
- savings in time and money
- less stress if you are audited
- more chance of selling your business for a competitive price.
Examples of records you need to keep are: tax invoices, receipts, bank statements, cheque and deposit butts, cashbooks, wage records, stocktake records and motor vehicle logbooks. Make sure you file your records carefully so you can retrieve them
when necessary. Records must be kept for at least seven years from the end of the tax year or the taxable period to which they relate. For more information about record keeping go to Inland Revenue's website at
www.ird.govt.nz/business-info/starting/records.html. Don't forget to phone the Industry Partnership direct phone line 0800 TAXTALK (0800 829 825) if you have any questions about tax.
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