Record Keeping Requirements for New NZ Companies
The Companies Act 1993 requires NZ companies to maintain specific records. Getting this right from day one protects you if IRD audits or disputes arise.
Why record keeping matters for new companies
Good record keeping is not just a legal obligation in New Zealand; it protects you. If IRD audits your company, if a shareholder dispute arises, or if you want to sell the business in the future, your records are your evidence. Starting well is far easier than reconstructing records retroactively.
What records the Companies Act requires
Under the Companies Act 1993, every NZ company must maintain:
- Share register: names, addresses, and shareholdings of every shareholder, updated within 10 working days of any change
- Interests register: disclosures of conflicts of interest by directors
- Minutes of board meetings: resolutions passed and decisions made at board level
- Minutes of shareholder meetings: resolutions passed at general meetings
- Accounting records: sufficient to show and explain the company's financial position and transactions
IRD record keeping requirements
For tax purposes, you must retain:
- All invoices, receipts, and bank statements
- GST records (if GST registered)
- PAYE records for employees
- Records of any fixed assets (for depreciation)
- All financial statements prepared for the year
IRD requires these records to be kept for at least 7 years. If you are in dispute with IRD, keep records for the duration of the dispute.
Paper vs digital records
The Companies Act allows records to be kept electronically, provided they are readily accessible and can be reproduced in hard copy when required. Cloud accounting software such as Xero automatically stores most financial records in compliant format.
Common mistakes by new founders
- Mixing personal and business transactions in the same bank account
- Failing to issue proper tax invoices (required for GST)
- Not minuting significant board decisions
- Losing receipts for cash expenses
Getting help
A bookkeeper or accountant can set up your record keeping system from the start, ensuring you are compliant and audit-ready. Use FreshFirms Connect at freshfirms.nz/connect to find a qualified bookkeeper or accountant in your region.