Tax
GST, records, and tax basics
May 3, 2026What to track before turnover grows and IRD obligations become harder to untangle.
Separate personal and business money as early as possible. Even if you are a weekend vendor or home-based maker, keep invoices, receipts, sales records, bank deposits, and cash sales notes together.
Watch the GST threshold. If your taxable activity reaches the required level, registration becomes mandatory, and pricing may need to change because GST affects what customers pay and what you return to IRD.
Use a monthly routine: reconcile sales, save receipts, label cash expenses, and export records. A tidy record system makes accountants cheaper and reduces stress when you apply for finance, leases, or grants.
Key facts
- IRD says you need to register for GST if taxable activity sales are at least $60,000 a year or if you add GST to prices.
- IRD says income and expense records must be kept for 7 years.