BUSINESS ADVICE • 14 FEBRUARY 2025 • 7 MIN READ

A guide for the end of the financial year in New Zealand

SECTIONS

Key dates summary

What do I need to prepare for the end of the financial year?

Tax and business planning for the next financial year

As the end of the financial year approaches, business owners in New Zealand prepare to close the books. In this guide, we break down everything you need to know on navigating EOFY, including key dates, preparation tips, and strategies to stay organised.

Key dates summary

For businesses with a standard balance date (1 April to 31 March), the important deadlines are:

7 July: Income tax returns due if filing without an accountant or no longer eligible for extension of time
31 March (following year): Income tax returns due if you have an approved extension of time through an accountant
7 February: Terminal tax due (if your filing deadline is 7 July)
7 April: Terminal tax due (if your filing deadline is 31 March)

For provisional tax dates, view our key dates page as these deadlines vary based on the method and your GST frequency. If you're unsure which apply to you, get in touch with your accountant.

What do I need to prepare for the end of the financial year?

There’s a lot to keep in mind at the end of the financial year. To make things easier, we have created a checklist to make sure your EOFY process goes smoothly. Using this as a reference will also help you prepare for the next financial year.

End of financial year checklist

Review your financial records for the year to ensure that they are accurate and complete - this includes your income, expenses, assets and liabilities
Assess whether you have any money owing (and if you’re owed anything)
Organise any receipts or documentation that you (or your accountant) will need to complete your accounts and tax return
Review your fixed assets to check they are all still in use and make a note of any that need removing (if they have been sold or are obsolete, etc).
Perform and record a stock take - make note of any obsolete stock!
Consider consulting with a tax professional (such as Beany) to ensure you are taking advantage of all possible tax deductions, and whether an accountant can prepare your financial statements
Make sure you are aware of any upcoming deadlines
Reflect on the past year and produce a budget or forecast for the next financial year.

Tax and business planning for the next financial year

As the end of the financial year approaches, it's important to review how the past 12 months have gone. This is an opportunity to review how your business performed and assess how you’re tracking with your goals. This analysis will help for the coming year, as you set budgets and identify areas for growth.

A good way to assess your financial performance is to look for any trends in your revenue and expenses. Maintaining proper budgeting and cash flow is important when setting financial goals for the coming year, as it allows you to identify areas where you can cut costs, prioritise expenses, and make informed decisions about where to allocate resources in order to achieve your goals.

You should also assess the resources you need for the coming year, such as staff and equipment, and incorporate this into your forecast.

Manage the end of the financial year with confidence

We understand the importance of the end of the financial year, and are here to help. Our team of experts can help with tax compliance, preparing financial reports, and keeping on track with your financial goals.

They can also assist with producing accurate budgets and forecasting for the next year, so you can make the important decisions for your business. Stay on top of your finances and start the next financial year in the best possible shape with Beany. Book a call to discuss your business today.