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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22322
Experience:  37 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Does a sole trader have to keep GST receipts of all private

Customer Question

Does a sole trader have to keep GST receipts of all private spending?
Submitted: 8 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 8 months ago.
You only need to keep GST receipts for business expenses if they are for you. If they are for your customers. For sales then the Tax Administration Act applies and says thatBut if this is the customer copies and they dont want the receipt you should keep records, which if your internal systems dont show sales and GST would mean keeping your own copies. But if you mean the customer copies of receipts then no, you dont have to.15B Taxpayer’s tax obligations A taxpayer must do the following:(aa) if required under a tax law, make an assessment:(a)unless the taxpayer is a non-filing taxpayer, correctly determine the amount of tax payable by the taxpayer under the tax laws:(b)deduct or withhold the correct amounts of tax from payments or receipts of the taxpayer when required to do so by the tax laws:(c)pay tax on time:(d)keep all necessary information (including books and records) and maintain all necessary accounts or balances required under the tax laws:
Customer: replied 8 months ago.
I think you misunderstood the question. I have been told to keep receipts of my own personal spending as well as receipts for business expenses. Is this correct?
Expert:  Chris The Lawyer replied 8 months ago.
Its a good idea to keep all receipts, in case IRD audit you. Even if you havent claimed GST its still good practice. But as a legal issues, you only need to keep GST recepits that you claim for GST

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