75Keeping of records

1. For the purposes of this section, the term records includes books of account (whether contained in a manual, mechanical, or electronic format) recording receipts or payments or income or expenditure, and also includes vouchers, bank statements, invoices, taxable supply information, supply correction information, receipts, and such other documents as are necessary to verify the entries in any such books of account.

2. Without limiting the generality of subsection (1), the records required to be kept and retained, pursuant to subsection (3), shall contain—

3. a record of all goods and services supplied by or to that registered person showing the goods and services, and the suppliers or their agents, in sufficient detail to enable the goods and services, the suppliers, or the agents to be readily identified by the Commissioner, and all invoices, taxable supply information and supply correction information relating thereto; and
4. the charts and codes of account, the accounting instruction manuals, and the system and programme documentation which describes the accounting system used in each taxable period in the supply of goods and services; and
5. any list required to be prepared in accordance with section 19B(3) or section 78B(7).

6. Subject to subsections (4) to (7), every registered person must keep, for a period of at least 7 years after the end of the taxable period to which they relate, the records listed in subsection (2) and records that are sufficient to enable ready ascertainment by the Commissioner or an officer authorised by the Commissioner of the registered person's liability to tax.

7. A registered person required by subsection (3) to keep and retain a record must keep and retain the record—

8. in English or te reo Maori, or in a language in which the Commissioner authorises the person under subsection (6) to keep the record or the type of record; and
9. at a place in New Zealand, or at a place outside New Zealand where—
   1. the Commissioner authorises the registered person under subsection (6) to keep the record or the type of record:
   2. the record is kept by a person authorised by the Commissioner under subsection (6) to keep records for persons that include the registered person.

10. For the purposes of section 11(1)(mb), the supplier must maintain sufficient records to enable the following particulars in relation to the supply to be ascertained:

11. the name and address of the recipient; and
12. the registration number of the recipient; and
13. a description of the land; and
14. the consideration for the supply.

15. Subsections (3D) and (3E) apply when a supply that wholly or partly consists of land is made to a person who is, for the purposes of the supply, an agent acting on behalf of an undisclosed principal.

16. The requirements of subsection (3B)(a) and (b) are met if the supplier maintains sufficient records to enable the particulars of the name, and address, and registration number or tax file number, as applicable of the agent to be ascertained.

17. The agent must maintain sufficient records in relation to the undisclosed principal to enable the name, address, and, if the principal is a registered person or expects to be a registered person, the registration number of the principal to be ascertained.

18. Subsection (3BA) does not apply to require a non-resident supplier whose only supplies are supplies of distantly taxable goods to which section 8(3)(ab) applies, or of remote services to which section 8(3)(c) applies, or of listed services referred to in section 8C, to keep and retain records—

19. in English or te reo Maori or in a language authorised by the Commissioner; or
20. at a place in New Zealand or at a place outside New Zealand authorised by the Commissioner.

21. This section shall not require the retention of any records—

22. in respect of which the Commissioner has given notice that retention is not required:
23. of a company which has been liquidated.

24. A registered person is not required to keep a record of the GST registration number of the supplier if the amount of consideration for the supply is $200 or less.

25. The Commissioner may, by notice given before the expiry of the 7-year retention period specified in subsection (3), require a registered person to retain the records specified in that subsection for a further period not exceeding 3 years following the expiry of the 7-year period where—

26. the affairs of the registered person are or have been under audit or investigation by the Commissioner; or
27. the Commissioner intends to conduct such an audit or investigation before the expiry of the retention period as so extended, or is actively considering any such audit or investigation.

28. The Commissioner may, upon application by a registered person or another person, authorise for the purposes of subsection (3BA),—

29. a registered person to keep and retain a record or a type of record—
    1. in a language other than English or te reo Maori:
    2. at a place outside New Zealand:
30. a person to hold, for a registered person, records—
    1. at places outside New Zealand; and
    2. in a form approved by the Commissioner; and
    3. accessible by the Commissioner in a way approved by the Commissioner.

31. The Commissioner may, for an authorisation under subsection (6) of a person,—

32. impose reasonable conditions on the authorisation:
33. reasonably vary the conditions on the authorisation:
34. withdraw the authorisation, upon request by the person or after giving reasonable notice of the withdrawal:
35. give public notice of an action under subsection (6)(b) or this subsection, in a publication chosen by the Commissioner.

36. Repealed