If you own a business, the new financial year is well underway for you. March 31 was the deadline for completing your tax returns for your businesses if you were using a registered tax agent such as a bookkeeper or accountant.
There are several dates of significance in the business tax calendar. Below is a list of important dates to add to your diary.
Important tax dates for businesses
April 1
April 1 is the start of the new financial year in New Zealand. This date is significant because it marks the start of a new tax period. Your business should have a ‘year-end procedure in place for the end of each financial year.
At this time, you should be checking the following:
Any outstanding debtors.
Write off overdue debts.
Complete a stock take.
Look over your general ledgers for errors.
April 7
End-of-year income tax due.
May 7
GST returns are due for tax period ending March 31, 2024. This is the last GST return for the previous financial year. Provisional tax due for organisations using the ratio option.
May 28
GST returns are due for the period ending April 31.
May 31
Quarterly Fringe Benefit Tax (FBT) return and payment due (for quarterly filers), final for the year. Annual FBT return and payment due (for annual filers).
June 28
GST return and payment are due in May. Provisional tax instalments are due for ratio method users and for Accounting Income Method (AIM) option users filing GST monthly, two-monthly, or six-monthly, or those not registered for GST.
July 7
This is the deadline for businesses to file Income Tax returns that do not use a registered tax agent.
July 20
Quarterly FBT return and payment due.
July 28
GST return and payment are due for June. Provisional tax instalments are due for AIM option users filing GST monthly.
August 28
GST return and payment are due for July. Provisional tax instalments are due for GST monthly or two-monthly filers, those not registered for GST, and those using the ratio method.
September 28
GST return and payment are due for August. Provisional tax instalments are due for AIM option users filing GST monthly.
October 20
Quarterly FBT return and payment due. Provisional tax instalments are due for GST monthly or two-monthly filers, those not registered for GST, and those using the ratio method.
November 28
GST return and payment are due for October. Provisional tax instalments are due for AIM option users filing GST monthly.
January 15, 2025
Provisional tax instalments are due for GST monthly or two-monthly filers, those not registered for GST, and those using the ratio method. GST return and payment are due for the tax period ending November 30.
January is a good time to sit down with your bookkeeper or accountant for a deeper understanding of your financial data. It is a good time to discuss business planning to ensure the long-term success of your business.
March 31, 2025
March is the end of the financial year unless you have a substituted accounting period. It is also the deadline for GST returns and payments for the January/February period. Tax returns are now due for the 2022 income tax for business with a tax agent (with a valid extension of time).
PAYE Filing
Don’t forget about payroll filings. You must file employment information every time you pay your employees to avoid penalties. Filing Employment Information each payday can be challenging for many employers; however, it is important to ensure you file on time to ensure your employees have the right deductions and entitlements.
You need to file your Employment Information within two working days of each payday if you’re filing electronically, or if you’re filing by paper, 10 working days.
If you have any questions about payroll, tax, or GST feel free to get in touch for a free no-obligation consultation.
