It is important for community organisations to maintain certain records, either electronically and in hard-copy files. These records should be accurate and regularly maintained. If you are considering becoming a paperless office make sure you have an electronic filing system that is backed up and are still retaining all the required documents.
Keeping accurate and up-to-date records enables better control over the community venue, provides good evidence during performance reprisals, more efficient audits, and better information for potential funders.
Records a community venue must keep by law
Records | Retention Details | Legislation |
Business (financial) records, including: books of account bank statements, vouchers, receipts, invoices and tax invoices, and payment details details of assets and liabilities details of services provided and invoices issued details of tax returns | Keep for seven years after the end of the year the records relate to Keep them in safe custody Records, including tax returns, can be kept in electronic rather | Tax Administration Act 1994 Goods and Services Tax Act 1985 Companies Act 1993 Contract and Commercial Law Act 2017, Part 4 (allows use of electronic documents) |
Annual accounts and audit reports (if applicable). | Permanently | Not specified but good practice |
Employment records: | ||
Wages and PAYE tax records (including KiwiSaver deductions and employer contributions) | Retain for seven years | Tax Administration Act 1994 (KiwiSaver Act 2006) |
Wages and employee time records | Retain for six years | Employment Relations Act 2000 |
Records of serious injuries, and dangerous incidents like gas leaks | Keep for five years after notifying WorkSafe NZ (also, any accident/ serious harm register that was started before April 2016 under the old 1992 Act must be kept until 4 April 2021) | Health and Safety at Work Act 2015 |
Vehicle mileage records/log books | Retain for seven years | Income Tax Act 2004 |
Charitable (tax-exempt) organisations need to keep records of donations received and how the funds have been spent | Retain for seven years | Tax Administration Act 1994 |
Constitution | Retain permanently | Companies Act 1993 (but this should guide other entities) Incorporated Societies Act 1908 Charitable Trusts Act 1957 |
Share register (for a company) register of members | Retain permanently | |
Minutes of general meetings | Retain for seven years | |
Minutes of directors meetings | Retain for seven years | |
Annual reports | Retain for seven years | |
Trustee, board or committee records for other organisations | Retain for seven years | |
In addition, the following table sets out the length of time that a community venue is recommended to retain records:
| Records | Type of document | Retention details |
Contracts with customers / clients | Agreements licenses, rentals (includes suppliers, agents, purchases, indemnities, guarantees) | Retain for six years after expiry of the contract |
Deeds of title | Deed evidencing title to property | Retain permanently (or until the property is disposed of) |
Leases | Lease of land and/or other property | Retain for 12 years after the lease is terminated (or following the determination of all enquiries related to the termination) |
Financial records | Stock inventories | Retain for 10 years |
Investments, schedules and related documents | Retain for 10 years | |
Cheque butts | Retain for 10 years | |
Instructions to banks | Retain for 7 years | |
GST records | Retain for 10 years | |
Staff records | Expense accounts | Retain for 10 years |
Accident book | Retain permanently | |
Individual and group policies | Retain for 12 years after cessation of the benefit(s) |