To comply with the IRD, all business expenses that you claim will need to have a valid form of payment receipt, such as an Invoice, a utility bill, or a ticket.
Please note: the Hnry team does not start reviewing your expenses until after your clients have started paying you into your Hnry Bank Account.
Business Expense receipts should show:
- The name of the merchant that has provided it
- The items purchased
- The date the transaction took place
- The GST amount paid (if applicable), itemised separately from the total price
- The full amount paid by you, as proof of purchase
Types of receipts IRD won't accept:
- Bank statements / transaction history (other than for insurance/mortgage interest payments)
- Internet banking screenshots (other than for insurance/mortgage interest payments)
- ATM cash withdrawal receipts
- Eftpos receipts (for purchases over $50) are not sufficient for GST purposes, as they are only confirming the receipt of a payment and not the individual charges being paid.
Please be sure to upload the listed amount in NZD, otherwise you won't be claiming for the right amount.
GST on Receipts:
If there isn't any GST amount specified on your receipt, that means that the merchant hasn't charged you GST. Be sure to correctly select whether the price includes or excludes GST from the drop-down menu when raising an expense in Hnry.
When loading Business Expenses in Hnry, it is important to make sure that you file them under the right Category as different expenses have different tax relief that can be claimed on them. You can see our categories and descriptions here.
If you are unsure where to load an Expense, or whether your receipt is sufficient enough, get in touch with us – we're always happy to help out.
Remember to separate personal and business receipts. We’ll keep copies of invoices and receipts that you submit through Hnry, but for anything else you claim outside of Hnry you’ll need to keep the following for up to seven years:
- Banking records
- Vehicle logbooks, if applicable
- Asset registers and depreciation schedules
- Emails e.g. arranging business meetings — especially if you're claiming for travel expenses to another city or overseas.