Everything you need to know about EOFY
Tax returns? Balance sheets? GST? Get all the answers you need for the 2022 End of Financial Year right here!
What is End of Financial Year (EOFY) all about?
EOFY is an important time for all kinds of businesses, from sole traders to big companies.
It's when you need to meet your tax obligations for the IR – but it's also the perfect time to plan for the next 12 months of your business.
Leading up to the EOFY, you'll need to complete certain tasks to keep your business in the IR's good books and in the best shape possible. These can include:
- Submitting tax returns
- Completing income statements
- Figuring out your profit and losses
- Lodging reports for your PAYE and GST
- Conducting a stocktake
Your EOFY calendar
Take a look at our handy calendar for important tax and End of Financial Year dates.
This list is a guide only. For business or financial advice, please speak to an accountant or bookkeeper.
20 January
Welcome to 2022
Time to take a look at your tax checklist and plan out your year! Use that 'new year, new me' energy to start setting your business goals.
To do:
- Employer deductions payment due for small to medium employers.
- Employer deductions payment due for 1 to 15 January for large employers.
- Quarterly FBT return and payment due.
28 January
Ambition In Mind
AIM stands for Accounting Income Method or, in Māori, tikanga kaute moni whiwhi. It also stands for Ambition In Mind, which is how you're (hopefully) feeling coming into the new year.
To do:
- GST return and payment due.
- AIM instalments are due if you file GST monthly.
08 February
Lucky number 8
Ever heard of 8 being considered a lucky number in China? Apparently, this is because 8 is pronounced 'ba' in Chinese and this sounds similar to 'fa', as in facai, meaning 'becoming rich in a short time'. Who knows what this day could bring?
To do:
- Employer deductions payment due for 16 to 31 January for large employers.
- 2021 end-of-year income tax due for people and organisations who don’t have a tax agent.
- Income year FBT return and payment due for people and organisations who don’t have a tax agent.
21 February
Make sure you're staying up to date!
And while you're at it, seeing as it's the 21st February, check out Miyamoto Musashi's 21 teachings. Number 6 is 'Do not regret what you have done'. But do regret avoiding tax. Always do your taxes.
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
Last day of summer!
Tomorrow's the first day of Autumn. Did you know that the pigment responsible for the green colour in leaves relies on sunlight? As sunlight levels decrease, so too does the amount of this pigment, making room for the vibrant oranges we associate with the season.
To do:
- AIM instalments are due.
- Provisional tax payments are due if you the ratio option.
- GST return and payment due.
07 March
March into March
The month March was named after the Roman god of war, Mars, who was said to love violence, but was also a fierce defender of city borders (mythologically speaking, of course). Use his sense of purpose to inspire you this month, minus the appetite for bloodshed.
To do:
- Employer deductions payment due for 16 to 28 February for large employers.
21 March
Do that employer deduction or risk business disruption!
Today is World Poetry Day! Once you get those employer deductions done, maybe you could write a poem about how much you love the end of financial year.
To do:
- Employer deductions payment due for February for small to medium employers.
- Employer deductions payment due for 1 to 15 March for large employers.
28 March
Craving more facts about March?
In the early Roman calendar, a year was 10 months' long, starting in March and ending in December. Some of these months had different names to the ones we know today, including March which was known as 'Maritus'.
To do:
- AIM instalments are due if you file GST monthly.
- GST return and payment due.
31 March
And that's a wrap!
Today is the end of the financial year: give yourself a pat on the back for getting all that paperwork in on time! It's time to kick back and think about something other than tax. Phew!
To do:
- Income tax returns are due if you have an extension of time.
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