Your key tax dates for end of financial year and beyond
The start of each year means the start of tax time for New Zealand businesses in many cases.
And although 31 March is the nominal deadline for completing tax returns for taxpayers using a registered tax agent, it’s not the only date of note in the business tax calendar.
Key dates vary business by business depending on the income tax regime, GST and payroll filing dates.
Business owners need to be well aware of the dates and have them diarised.
As such, be sure to keep a record of the dates that are likely to apply to you, and be sure to consult with a registered tax agent to confirm you have everything correct.
Key tax dates for businesses
31 March 2024
- End of financial year (unless you have a substituted accounting period)
- GST return and payment due
- 2023 income tax return due for clients of tax agents (with a valid extension of time)
1 April 2024
- 1 April marks the start of the new financial year begins in New Zealand
- This is an important date for businesses as it marks the start of a new period of tax obligations and compliance requirements
- It’s important for businesses to check debtors outstanding and write off overdue debtors, complete a stock take and work-in-progress and take a good look over their general ledger for errors
- A business should have a year-end procedure in place to follow every year
7 April 2024
- End-of-year income tax and Working for Families bills are due if you have an extension of time to file your income tax return
7 May 2024
- GST return and payment is due for the taxable period ending 31 March
- This is the last GST return for the year so a good time to double check your previous returns agree to that filed and make any final corrections
- Provisional tax instalments due for people and organisations who use the ratio option
28 May 2024
- GST return and payment due for period 31 April
31 May 2024
- Quarterly FBT return and payment due if you file quarterly return. This is the final quarterly FBT return for the FBT year
- Annual FBT return and payment due if you file annual FBT return
28 June 2024
- GST return and payment due
- Provisional tax instalments due for people and organisations who use the ratio method
- Provisional tax instalments due for people and organisations who use AIM option and file GST on a monthly, two-monthly or six-monthly basis, or aren’t registered for GST
7 July 2024
- This is the deadline for businesses to file their Income Tax returns unless they have an extension of time or use an accountant or a tax agent.
20 July 2024
- Quarterly FBT return and payment due
28 July 2024
- GST return and payment due
- Provisional tax instalments due for people and organisations who use AIM option and file GST on a monthly basis
28 August 2024
- GST return and payment due
- Provisional tax instalments due for people and organisations who file GST on a monthly or two-monthly basis, or aren’t registered for GST
- Provisional tax instalments due for people and organisations who use the ratio method
28 September 2024
- GST return and payment due
- Provisional tax instalments due for people and organisations who use AIM option and file GST on a monthly basis
20 October 2024
- Quarterly FBT return and payment due
28 October 2024
- GST return and payment due
- Provisional tax instalments due for people and organisations who use the ratio method
- Provisional tax instalments due for people and organisations who use AIM option and file GST on a monthly, two-monthly or six-monthly basis, or aren’t registered for GST
28 November 2024
- GST return and payment due
- Provisional tax instalments due for people and organisations who use AIM option and file GST on a monthly basis
15 January 2025
- January of next year is the horizon many businesses will be looking to when it comes to medium-term tax and general business planning
- Provisional tax instalments due for people and organisations who use AIM option and file GST on a monthly, two-monthly or six-monthly basis, or aren’t registered for GST
- Provisional tax instalments due for people and organisations who use ratio, estimation and standard option
- GST return and payment due for tax period ending 30 Nov
Don’t forget payroll and GST filings
Payroll tax is one element that employers must be familiar with, as missing a PAYE lodgement is likely to incur penalties.
When those specific dates are, however, depends on your specific obligations.
We’ve got your PAYE sorted, so you get payrollin’.
MYOB automates PAYE management, so you can say goodbye to messy manual admin at EOFY.
Your payroll deduction payment frequency to Inland Revenue depends on your gross annual PAYE and employer superannuation contribution tax.
Filing your IR must be done within two business days of the payment to the employee if you file electronically.
You can find out more about your deduction schedule on the Inland Revenue website.
GST is filed monthly, bi-monthly or six-monthly depending on your turnover and business type. Again, returns and payments must be made the last business date the month following the due date.
Stay organised and on-track
Keeping up to date with your business tax obligations can be challenging, but is nevertheless absolutely necessary to avoid being penalised by IR.
Looking to make tax time a little easier? Take advantage of automated tax compliance.
By automating the process of filing from your payroll to IR, as well as Pay Day Filing, you can also automate the filing of your GST return.
We automate your taxes, so you keep your business rock-steady.
MYOB gives you automated tax processes, so you get more time to concentrate on your business.
Doing so will save you time and stress by helping you meet those important deadlines and avoid the risk of penalties.
Tips to help you stay on top of things:
- Create a schedule (and stick to it!) — this should include all key dates and deadlines for EOFY
- Keep records — maintaining accurate records of all financial transactions will make it easier for you to assess your tax position, report to the IRD or adequately respond should you ever be faced with an audit
- Get a professional on board — unless you’re a qualified expert, you’re at risk of getting things wrong. Eliminate your risk and make tax time much simpler by engaging an accountant or tax agent ahead of time
End of financial year can be a stressful time of year, but it doesn’t have to be.
Familiarise yourself with the dates that are most important to your business, organise your tax time activities around them and consider engaging a professional so that you can maintain compliance without the hassle.
We run tax time so you blast through EOFY. MYOB Business delivers a business management platform designed to unleash your potential. Discover more today.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.
MYOB is not a registered entity pursuant to the Tax Administration Act 1994 Agent Services Act 2009 (TASA) and therefore cannot provide taxation advice to clients. If you have a query concerning taxation including filing your BASGST return or annual tax statements then you should consult with your accountant or other registered tax adviser.
