2023 tax year dates in New Zealand
There's a lot to think about when you're running a business. So pop these key tax year dates for New Zealand 2023 - 2024 financial year into the calendar or bookmark this page so that you stay on track and avoid any problems. Note, these key due dates are for businesses with a balance date of 31 March and are to be used as a guide only. Contact your accountant for due dates as they relate to your situation.
Employer deductions due for small to medium employers for Dec. Businesses whose gross annual PAYE and ESCT is less than $500,000 is classified as small-medium.
Employer deductions due for small to medium employers for Jan. Businesses whose gross annual PAYE and ESCT is less than $500,000 is classified as small-medium.
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What are the important tax year dates for NZ businesses?
In New Zealand, business owners file their income tax returns between 1 April to 31 March unless you’re registered with a tax agent. The filing deadline is 7 July, however, if you’re registered with a tax agent before this date, your tax return deadline may be extended until 31 March the following year.
There are also some important tax year dates for you to remember:
- Goods and Services Tax (GST)
- Provisional Tax
- Terminal Tax
- Fringe Benefits Tax (FBT)
- PAYE if you’re an employer
Read more: When and how to register for GST
What do I do if I’ve missed the tax deadlines?
Late filing returns can incur IRD interest and penalties. You may also lose your extension of time for income tax return filing. If you are unable to make tax payments on time then get in touch with the IRD to arrange a payment plan.
How can I file my taxes?
There are several ways to file your taxes. You can choose to either file your taxes yourself or via an accountant or a tax agent.
- DIY: You can choose to either lodge online through myIR. You can find more details on IRD’s website.
- Via an accountant or a tax agent: if you are working with an accountant or a tax agent, they can take care of your taxes.
Keeping track of tax deadlines
Business owners mark tax deadlines as important on their calendars to receive notifications as they approach. However, Beany makes it even easier. The Beany-IRD integration means we remind you when and how much to file when a tax deadline approaches. With our painless tax questionnaire, we streamline the entire process of asking relevant business information and eliminate tons of paperwork you need to submit. You will also be supercharged by your own Beany accountant and friendly admin team throughout the whole process to ensure you maximise your tax deductions and don’t overpay taxes.
Meeting your tax deadlines
It’s important to plan ahead for the tax season. Beany accountants recommend setting aside 30% - 35% of your gross income for taxes (e.g., GST, income tax) in a separate bank accountant to ensure you won’t face any cash flow problems during tax times. It’s also important to keep accounting records such as receipts, bank statements, and invoices. You should keep these records for at least 7 years as per IRD’s requirement.
Get started in minutes with Beany today, and let us handle your accounting and tax stress.