NZ - Receipt requirements for very small purchases?

ope-nz
2 Posts
User

2Posts

0Kudos

1Solutions

Solved: Go to Solution

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.

3 REPLIES 3
ope-nz
2 Posts
User

2Posts

0Kudos

1Solutions

Accepted Solution Solved

Re: NZ - Receipt requirements for very small purchases?

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.

 

Source;

https://www.business.govt.nz/tax-and-accounting/tax-time-tips/keeping-tax-records/#:~:text=You%20don....

Princess_R
MYOB Moderator
3,120 Posts
MYOB Moderator
MYOB Moderator

3,120Posts

113Kudos

472Solutions

Re: NZ - Receipt requirements for very small purchases?

Hi @ope-nz,

 

Thank you for your post, and welcome to the Community forum. I hope you find it a useful source of information.

 

It's great to know that you had this resolved. Please don't hesitate to post again if you need help in the future. We are more than happy to assist.

 

I appreciate you taking the time to share the answer to your query. This is a great help to others having the same issue.

 

Cheers,

Princess

 

 

AdminKirsty
Experienced User
19 Posts
Experienced User
Experienced User

19Posts

4Kudos

1Solutions

Re: NZ - Receipt requirements for very small purchases?

Recent changes to the GST Act 1985 mean that you no longer need tax invoices for purchases of $200 or less:

 

"When you buy...you’ll need to get taxable supply information...unless the supply is $200 or less."

 

These rules came into effect on 1 April 2023.

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post