Blast through EOFY and move on to new horizons
Get all the key dates and information you need to be prepared for the 2023 End of Financial Year.
What do I need to know about EOFY?
End of Financial Year (EOFY) is when you need to submit your tax obligations for your business to Inland Revenue (IR). Requirements vary depending on what type of business you run.
With a whole bunch of boxes to tick, tax time can get pretty busy. You can get ahead of the rush with our EOFY hub. Discover key dates, tasks and helpful resources to keep your business compliant.
When is the 2023 NZ End of Financial Year?
The 2022/23 EOFY in New Zealand starts 1 April 2022 and finishes 31 March 2023.
Your 2023 tax time calendar
Take a peek at our handy calendar for important tax and EOFY dates. Please note that this list is a guide only.
For more information please visit the Inland Revenue website. For financial advice, please speak to an accountant or bookkeeper.
What do I need to submit for the End of Financial Year?
16 January
Hop to it!
2023 is the year of the water rabbit. It’s time to leap into tax time like a boisterous bunny and get ahead of the game.
To do:
- Provisional tax payments are due if you use the standard, estimation or ratio options
- AIM instalments are due
- Employer deductions payment due for 16 to 31 December for large employers
- GST return and payment due
20 January
A right royal mess
Did you know that on this day in 2022, the third most popular Google search in NZ was “The Royal Treatment”? It’s a Netflix movie about a recently broke hairdresser who falls in love with a foreign prince.
Don’t get your finances in a jam this tax time – you (probably) won’t have a cashed-up prince lined up as a fallback.
To do:
- Employer deductions payment due for December for small to medium employers
- Employer deductions payment due for 1 to 15 January for large employers
- Quarterly FBT return and payment due
30 January
Been waiting for this moment
On this day in 1951, musician Phil Collins was born. Can you feel the GST returns and payments coming in the air tonight? They’re due.
To do:
- AIM instalments are due
- GST return and payment due
07 February
Great Expectations
On this day in 1812, renowned novelist Charles Dickens was born. Better get your tax tasks done so you don’t get your knickers in an Oliver Twist.
To do:
- Employer deductions payment due for 16 to 31 January for large employers
- Your FBT income year return and payment are due
20 February
March is around the corner
Summer’s almost done, meaning that the holiday season is in the rear-view mirror. Make sure your brain isn’t still sunbathing on the beach and tick off those checkboxes.
To do:
- Employer deductions payment due for January for small to medium employers
- Employer deductions payment due for 1 to 15 February for large employers
28 February
In NZ, it’s tax time
But in the US, it’s national chocolate souffle day! Have a big scoop of that chocolatey goodness to reward yourself for your hard work.
To do:
- Provisional tax payments are due if you use the ratio option
- AIM instalments are due
- GST return and payment due
06 March
Autumn’s here
It’s time to dust off your gumboots and unravel your woollen scarves. Take a stroll in a leafy park to break up that paperwork.
To do:
- Employer deductions payment due for 16 to 28 February for large employers
20 March
Don’t dance around the details
On this day in 1952, the musical comedy film “An American in Paris” won the Academy Award for Best Picture. The famous 17-minute ballet sequence in the film cost about $710,000 NZD to make, equivalent to about $8,700,000 NZD today.
Know what else can be costly? Forgetting to do your taxes.
To do:
- Employer deductions payment due for 1 to 15 March for large employers
- Employer deductions payment due for February for small to medium employers
28 March
Tax time is important
Especially now, seeing as the last day of the financial year is 3 days away. But you know what else is important? April Fool’s Day. After you finish your tax tasks, it’s time to start planning your pranks.
To do:
- AIM instalments are due
- GST return and payment due
05 April
All about on-time
On this day in 1908, American actress Bette Davis was born. Unbeknownst to many, Davis was chosen to star in her hallmark film “All About Eve” at the last minute when the lead actress suffered an injury.
Last minute may have worked for Bette, but not so much for the IR. Make sure you fulfill your requirements on time!
To do:
- Employer deductions payment due for 16 to 31 March for large employers
07 April
Give yourself a break
It’s World Health Day! While it’s important to get the big stuff done, mental and physical health always come first. Remember to balance your hard work with plenty of rest.
To do:
- FBT income year return and payment is due
20 April
Kiwi Allison Roe wins Boston Marathon
On this day in 1981, Allison Roe became the first New Zealand woman to win the prestigious Boston Marathon, breaking the course record by nearly eight minutes. Speaking of marathons, you’re halfway through tax time!
To do:
- Employer deductions payment due for March for small to medium employers
- Employer deductions payment due for 1 to 15 April for large employers
05 May
Hello, it's policy
On this day in 1988, award-winning singer and songwriter Adele was born. Adele is known for her heartfelt songs about the complexity of love and loss.
Relationships may be messy but taxes shouldn’t be. Make sure you keep your affairs tidy so you’re not rolling in the deep with the IR.
To do:
- Employer deductions payment due for 16 to 30 April for large employers
08 May
What would we do without calculators?
About 20 years ago, the pioneering BlackBerry mobile phones were released with button keyboards and large displays. These phones were sophisticated enough to have their own calculators. Imagine doing your taxes in the old days without electronic expertise!
To do:
- AIM instalments are due
- Provisional tax payments are due if you use the standard, estimation or ratio options
- GST return and payment due
22 May
Kiwi are land-bound, but you’re not!
Today is the International Day for Biological Diversity! Did you know that the Kiwi can’t fly? Luckily, you can! Fly through tax time, that is, if you follow our handy checklist.
To do:
- Employer deductions payment due for April for small to medium employers
- Employer deductions payment due for 1 to 15 May for large employers
31 May
Changing seasons, changing standards
Say goodbye to golden leaves and burnt orange colour palettes – winter is coming! Did you know that countries on or near the equator like Indonesia and Brazil don’t have an autumn season? The temperature stays almost the same all year.
Unfortunately, tax regulations rarely stay the same, so make sure you always keep up-to-date with changes!
To do:
- Your FBT quarterly return and payment are due
05 June
Put down your paperwork, pick up a mug
Winter’s here! All the important tax stuff is about to wrap up, so wrap yourself up in a blanket and reward yourself with some hot chocolate (or your seasonal drink of choice).
To do:
- Employer deductions payment due for 16 to 31 May for large employers
20 June
All Blacks win the first Rugby World Cup
The All Blacks defeated France 29–9 at Eden Park, Auckland on this day in 1987. Now it’s time for you to lift your own trophy, because your tax time tasks are done!
To do:
- Employer deductions payment due for May for small to medium employers
- Employer deductions payment due for 1 to 15 June for large employers
Not already using MYOB Business?
Explore our business management plans to help track expenses as you do business, so the EOFY prep is done for you. Or, contact us to make sure your MYOB product fits your business needs.
Already with MYOB?
Update your software to keep up-to-date.
Preparing for EOFY in your MYOB software
To keep EOFY simple, make sure your accounts are in order, so that everything's ready for your accountant at tax time.
We’ve collated a checklist of EOFY tasks with handy links to show you how to complete them in your MYOB software.
Note: Depending on the nature of your business, some of these tasks may not apply. Consult an accounting advisor for help with your EOFY procedures.
Complete end of period procedures
Complete your usual end of period procedures to make sure all your records are up to date before you begin closing off your financial year.
Get help with your software:
- Invite your accountant so they can access your accounts in real time
- Record all your transactions for the year, including sales, purchase and receipts, and employee pays
- Reconcile your bank and credit card accounts – if you don’t already, start using bank feeds to easily keep your records up to date and accurate
- Send customer statements
- Record depreciation
- Prepare your final GST return for the year
Close your financial year
Now that your records are up to date, you can begin procedures to close your financial year. You may need help from your accountant to complete some of these tasks.
Get help with your software:
- Complete a stock take and any stock adjustments required – this will need to be performed on COB on 31 March
- Complete your end of payroll year tasks by checking your payday filing submissions and reconcile your accounts with IR.
- Review your key financial reports to see how your business has performed throughout the year. Your accountant may require:
- Profit and loss
- Trial balance
- Balance sheet
- Cash flow
- GST report
- Enter end of year adjustments – make sure you invite your accountant to your file so they can do this for you.
- When you’re happy your books are in order you can lock the period to prevent any changes and start a new financial year.
Get step-by-step guidance and breeze through EOFY
Join us for our free EOFY webinars and MYOB Academy courses.
Reconcile your accounts and get ready for EOFY
Live webinar
Get a refresh on the steps to reconcile your business' accounts in MYOB Business or MYOB AccountRight and prepare your business for the financial year ahead.
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Simplify your payroll with MYOB Business Payroll
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Streamline your workflows in MYOB Business Payroll and find out how to get ready for end of payroll year.
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End of financial year with MYOB
On demand
Learn how to complete EOFY tasks in your software or take a deep dive into reconciliation with our free guided courses.
Register nowSign up to get key tax deadlines sent directly to you
Stay compliant: Check your MYOB software for updates
Is your software compliant with new financial year regulations?
If you use MYOB Business or MYOB Essentials, keeping up to date with compliance changes is easy. Your software will be updated automatically.
This release includes key compliance changes that take effect from 1 April 2023:
Minimum wage increases to $22.70
Updated ACC earner levy rate and thresholds for the 2023-2024 financial year
Updated student loan thresholds for the 2023-2024 financial year
For desktop software, select your MYOB software version below to access your update.
Your 2023-24 MYOB Ace Payroll release is available
MYOB Ace Payroll 3.51A
MYOB Ace Payroll release notes
Access the latest version here.
Once you’re on the latest version, AccountRight updates automatically.
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