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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.
Solved! Go to Solution.
Found the answer via another forum;
You don’t need a tax invoice for income and expenses under $50. If you’re GST registered, you must keep records that can support an expense claim.
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November - last edited November
Recent changes to the GST Act 1985 mean that you no longer need tax invoices for purchases of $200 or less:
These rules came into effect on 1 April 2023.