Resources
Important Dates
31 March Income Tax Return Due ~ If you file Income Tax through a tax agent
07 April Income Tax Payment Due ~ If you file Income Tax through a tax agent
07 July Income Tax Return & Payment Due ~If you file Income Tax yourself
(BASED ON STANDARD)
28 August First Instalment of Provisional Tax Due
15 January Second Instalment of Provisional Tax Due
07 May Third Instalment of Provisional Tax Due GST Return & Payment Due
(BASED ON STANDARD)
28 May April GST Return & Payment Due
28 June May GST Return & Payment Due | April – May GST Return & Payment Due
28 July June GST Return & Payment Due
28 August July GST Return & Payment Due | July – July GST Return & Payment Due
28 September August GST Return & Payment Due
28 October September GST Return & Payment Due | August – September GST Return & Payment Due | April – September GST Return & Payment Due
28 November October GST Return & Payment Due
15 January November GST Return & Payment Due | October – November GST Return & Payment Due
28 January December GST Return & Payment Due
28 February January GST Return & Payment Due | December – January GST Return & Payment Due
28 March February GST Return & Payment Due
07 May March GST Return & Payment Due | February – March GST Return & Payment Due | October – March GST Return & Payment Due
If you file electronically
You need to file Employment Information within 2 working days of each payday.
If you file by paper
You can either file within 10 working days of each payday or:
Payday date: Between the 1st and 15th of the month. THEN | Filing Date: Within 10 working days of the 15th of the month.
Payday date: Between the 16th and end of the month. THEN | Filing Date: Within 10 working days of the end of the month.
New employers can either file electronically or by paper in the first six months.
FAQ
You must register for GST if you carry out a taxable activity and:
– Your turnover was $60,000 or more in the last 12 months or will be $60,000 or more in the next 12 months, OR
– your prices include GST
FOR MORE INFO: https://www.ird.govt.nz/gst/gst-registering/register-who/register-who.html
If you had more than $2,500 tax to pay at the end of the year from your last income tax return, you’ll have to pay provisional tax the following year. This usually happens when you earn income without having tax deducted during the year.
FORM MORE INFO: https://www.ird.govt.nz/provisional-tax/understanding-provisional-tax/understanding-provisional-tax.html
Very specific rules apply to different categories of entertainment. Some entertainment expenses can be fully deducted, while others can only be 50% deducted. Entertainment can mean food and drink, social events, trips, accommodation, privileges, musical, sporting or theatrical events, and freebies (free samples).
You can never deduct your private entertainment expenses, even if you pay for them from a business bank account.
FOR MORE INFO: https://www.ird.govt.nz/resources/6/0/60a4080e-340d-4a91-8fe0-ab911832707b/ir268.pdf
A tax year refers to the period 1st April – 31st March. For example, the 2023 tax year starts on 1st April 2022 and ends on 31st March 2023. This is different to a calendar year and it is important to remember that the IRD looks at your income in tax years.
Refunds cannot be processed for the latest tax year until mid-June following the end of that financial year, e.g. for the tax year ending 31st March 2023 refunds will not be released until mid-June 2023.
Your organisation must hold all records for seven years, even if you cease operating (except for incorporated organisations that have been wound up and dissolved). IRD can also extend the period you must keep records for if they intend to audit or investigate your organisation. If this is the case, they will write and tell you what records to keep.
All your records must be in English, unless IRD gives you written approval to use another language.
FOR MORE INFO: https://www.ird.govt.nz/non-profit/np-records/keep/np-records-keeping.html
Useful Links
Inland Revenue
IRD gives you comprehensive information on tax, tax credits, child support, Working for Families Tax Credits and more. It also has interactive calculators and tools which can help on estimating child support payments, taxes etc.
Companies Office
Business and legal information on starting a company, doing a business overseas and general administration of corporate body registers. Includes useful tools and statistics, as well as a comprehensive business directory.
Accident Compensation Levy
Information on compensation claims and levies, injury prevention, along with information on what you are entitled to claim.
Tax Code Finder
This helps to work out what your tax code should be.
Write To Us
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Don't wait for the financial year to end, just give us a call and we will be happy to take you on board!
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