Tax Administration Act 1994

Information, record-keeping, and returns - Taxpayers’ obligations to keep records - Taxpayer's obligations to keep records

21C: Preparing financial statements: Orders in Council

You could also call this:

"Rules for Preparing Financial Statements"

Illustration for Tax Administration Act 1994

The Governor-General can make rules about financial statements. You need to follow these rules when preparing your financial statements, as set out in section 21B. The rules can include things like what information you must include in your financial statements, what types of taxpayers must follow the rules, and how often you must prepare financial statements. The Minister of Revenue must talk to accounting groups before making or changing these rules. This is so they can get feedback from people who understand accounting, after the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 has been approved. These rules are a type of law called secondary legislation, which has its own publication requirements, as explained in Part 3 of the Legislation Act 2019.

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This page was last updated on 28 November 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5966515.

Topics:

Money and consumer rights > TaxesBusiness > Industry rules

21B: Preparing financial statements, or

"Companies and some taxpayers must prepare financial statements following certain rules."

22: Keeping of business and other records, or

"Keep records of your business money and activities"

Part 3Information, record-keeping, and returns
Taxpayers’ obligations to keep records: Taxpayer's obligations to keep records

21CPreparing financial statements: Orders in Council

The Governor-General may from time to time, by Order in Council made on the recommendation of the Minister of Revenue, prescribe, for the purposes of section 21B,—
minimum requirements for preparing financial statements:
classes of taxpayers to whom the minimum requirements apply:
classes of companies that are exempt from the minimum requirements:
the period for which financial statements must be prepared.

Before recommending the making or amending of an Order in Council under this section, the Minister of Revenue must, whether before or after the date on which the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 receives the Royal assent, consult with professional accounting bodies that the Minister decides it is reasonable to consult for the purposes of this section.
An order under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

Notes

Section 21C: inserted, on 27 February 2014, by section 134(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
Section 21C(3): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).