NZ EOFY tax tips


26th March, 2024

Top tips to minimise your tax this EOFY

At MYOB, we’re no strangers to the complexities of tax season.

We know that the end of the financial year (EOFY) isn’t just a time to tally up your successes — it’s also a chance to minimise your tax liabilities.

We spoke to Laura Mason from Team Bookkeeping and MYOB Partner Success Managers Tess Jolly and Ian Barron about what you can do to minimise your tax this EOFY.

1. Use MYOB e-filing for faster filing

Firstly, the MYOB e-filing software provides a detailed GST report, which can be sent directly to the Inland Revenue Department (IRD).

Tess says that even during peak times when IRD systems are overwhelmed and may be down, you stay covered.

“ Your e-Filing submission is dated and timestamped, so there is no need to keep trying to access myIR systems, saving you time and potential penalties,” she explains.

DOWNLOAD: MYOB’s FREE NZ EOFY resource guide

2. Embrace the power of pre-planning

Catch up with your accountant or financial advisor well before EOFY.

This will help you uncover strategic tax-saving opportunities unique to your business, such as asset write-offs or restructuring investments, and ensure you have the necessary recorded supporting documents.

It’s a proactive approach that can transform tax planning from a stressful chore into a strategic advantage.

NZ EOFY tax tips

3. Stay up to date with IRD

If you want to avoid penalties and access all the benefits you’re due, it’s important to update your business details and file your returns on time. Here’s how to stay on top of things:

  • Know when your tax returns are due. Use a calendar with alerts to remind you of those critical dates.
  • Organise your receipts, invoices and expenses. Attaching source documents to invoices and transactions in your bank feed is good record keeping practice, ensuring accuracy and easier filing by making documents accessible at tax or audit time. Use the MYOB Capture App to record receipts and the in-tray tool to keep track of other documents.  
  • Seek advice. If deadlines are confusing or you’re unsure about completing a form, consult a tax advisor to avoid any mistakes.

4. Go over your deductions with a fine-tooth comb

The difference between good and great tax management often lies in the details.

Go beyond the usual expenses and explore lesser-known deductions relevant to your industry.

For example, did you know that certain professional subscriptions, educational courses and even a portion of your home office expenses might be deductible?

Laura encourages clients to integrate tools like MYOB Capture to make this process easier at the end of the year.

“It means you can save receipts straight from your phone, never missing any deductible items,” she says.

5. Collaborate for quicker, more accurate accounting

To keep your taxes to a minimum, steer clear of GST errors. If you’re unsure about categorising a transaction, don’t guess and risk a mistake.

Additionally, with MYOB, you can flag the item directly in the software to alert your accountant.

“This collaborative approach saves time and money, preventing costly errors and allowing your accountant to give you better advice faster,” explains Ian.

6. Be smart about invoicing

If possible, put off invoicing for services rendered close to the EOFY until the next financial year, especially if you anticipate a lower income bracket.

You could also accelerate basic purchases or expenses to offset this year’s income.

It’s a delicate balance but can be a powerful tool in your tax minimisation arsenal.

7. Personalise your approach to GST

‘To register or not to register’ for GST?

In New Zealand, the GST registration threshold is NZ$60,000 in revenue over 12 months.

If your business earns less than this, you can still choose to register for GST.

Moreover, the right decision depends on your business model, cash flow and growth trajectory.

Here’s how early GST registration can be beneficial:

  • If you have significant GST expenses, you can claim them back.
  • It may make your business look more established.
  • Your prices will align with those of competitors who include GST.
  • If you’re projected to exceed the threshold soon, you’ll be ready.

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.

Run your business from $5

8. Tackle the less obvious taxes

While income tax often takes centre stage, other taxes like FBT, Schedular Payments or industry-specific levies can creep up on you.

A holistic tax strategy considers these less obvious obligations, ensuring they don’t become unwelcome surprises.

Tailored advice is paramount here, as these taxes can vary significantly depending on your business structure and sector.

9. Face tax debt head-on

If you find yourself behind the eight ball with tax debts, the good news is that IRD offers pathways to recovery.

Also, engaging early and being transparent about your situation can simplify finding a solution that works for you, from payment plans to potential debt relief.

EOFY is more than just taxes

Ultimately, EOFY is a milestone marking another year of your business journey.

It’s also a time for reflection, adjustment and preparation for the year ahead.

Finally, by adopting a strategic, informed approach to your taxes, you’re not just minimising your liabilities — you’re setting the stage for sustained growth and success.

Ready to take control of your taxes? Get MYOB from $5 a month for 6 months*. Limited time offer only. T&Cs apply

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.