Tax Administration Act 1994

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

21B: Preparing financial statements

You could also call this:

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

Illustration for Tax Administration Act 1994

You must prepare financial statements if you are a company. You do this according to the rules set out in an Order in Council made under section 21C. Some companies do not have to follow these rules. You must also prepare financial statements if you are a certain type of taxpayer. You prepare these according to the rules set out in an Order in Council made under section 21C. If another law says how to prepare financial statements, you follow that law instead. You must keep and retain your financial statements. Section 22 explains how to do this.

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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=DLM5966518.

Topics:

Money and consumer rights > TaxesBusiness > Industry rules

21BA: Information required to be provided by large multinational group, or

"Big companies must give the government certain information"

21C: Preparing financial statements: Orders in Council, or

"Rules for Preparing Financial Statements"

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

21BPreparing financial statements

A company must prepare financial statements in accordance with the applicable minimum requirements prescribed in an Order in Council made under section 21C, unless the company is of a class specified as exempt from the minimum requirements in an Order in Council made under section 21C.
A taxpayer of a class specified in an Order in Council under section 21C must prepare financial statements in accordance with the applicable minimum requirements prescribed in an Order in Council made under section 21C.
If an enactment other than this one provides applicable minimum requirements for preparing financial statements for a company or taxpayer, the company or taxpayer must prepare financial statements using those minimum requirements and subsection (1) and (2) do not apply.
Section 22 applies to keeping and retaining the financial statements.

Notes

Section 21B: inserted, on 27 February 2014, by section 134(2) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).