2024 tax year dates in New Zealand
Managing a business in New Zealand means juggling quite a lot, especially when it comes to the NZ tax year. Stay organised by adding these 2023-2024 tax year dates for NZ to your calendar, or bookmark this page for reference.
Note, these NZ tax year dates are specifically for businesses with a balance date of 31 March, and are to be used as a guide only. Scroll down for more details or have a chat with our support team - they’re always ready to help!
Employer deductions due for December 2023 for businesses whose gross annual PAYE and ESCT is less than $500,000 a year
Employer deductions due for January 2024 for businesses whose gross annual PAYE and ESCT is less than $500,000 a year
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What are the important NZ tax year dates for 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 tax year 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 in NZ for you to remember:
- Goods and Services Tax (GST): GST returns and payments are typically due on the 28th of the month following the end of the taxable period. This can be monthly, two-monthly, or six-monthly, depending on the GST filing frequency of the business.
- Provisional Tax: Provisional tax payments are due three times a year for those using the standard option (28th August, 15th January, and 7th May).
- Terminal Tax: Terminal tax is due on the 7th of February following the end of the tax year (or 7th of April if you have a tax agent). For the 2023-2024 tax year, this would generally be in 2025.
- Fringe Benefits Tax (FBT): FBT returns are filed quarterly and are due on the 20th of the month following the end of the quarter. The specific due dates are 20th April, 20th July, 20th October, and 20th January.
- PAYE if you’re an employer: PAYE (including other deductions like KiwiSaver) is due on the 20th of the following month. For larger employers, PAYE is due twice a month (on the 5th and 20th).
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.
For those considering a repayment arrangement, you can do so via your myIR account. However, for our clients, we can certainly step in and manage this process. Please note, if you have significant arrears, particularly over $50k, it's crucial to contact the IRD directly, as such situations are handled by their debt recovery teams and require more serious attention.
If you need further support, send us a message or give us a call at 0800 755 333.
How can I file my taxes?
Filing for the NZ tax year doesn't have to be a headache. You've got options: tackle it yourself, or let a professional accountant or tax agent ease the burden.
- DIY: If you're considering this option, you can file online through MyIR. Find more guidance on the IRD's website.
- Via an accountant or a tax agent: partnering with a tax agent or an accounting firm like Beany can simplify things immensely. They handle your taxes, so you can focus on running your business.
Keeping track of tax deadlines
As a business owner, keeping NZ tax year deadlines on your agenda is crucial. But why not make it simple?
Beany’s accountants in New Zealand are there to make your life a whole lot easier. When we say a lot, we mean a lot! The Beany IRD-integration means we’ll send you reminders about NZ tax year dates and deadlines, including when to file, and for how much. Our simple process and friendly tax questionnaire give your personal accountant all the information they need to process your tax returns.
Plus, with Beany by your side, you’re not just getting an accountant; you’re gaining a partner who is dedicated to maximising your tax deductions and ensuring you avoid overpaying.
Our friendly support team and your personal Beany accountant are with you every step of the way, simplifying your tax process for peace of mind and maximum efficiency.
Meeting your tax deadlines
Planning ahead is essential for any business owner, and our accountants at Beany suggest setting aside 30% - 35% of your gross income in a separate bank account for taxes (e.g., GST, income tax). This strategy helps prevent cash flow issues when the NZ tax year deadlines roll around.
Equally important is maintaining your accounting records, such as receipts, bank statements, invoices, etc. The IRD requires you to keep these records for at least 7 years, so staying organised is key.
If you’re feeling overwhelmed, don’t worry. Beany is here to help.
From Cape Reinga to Stewart Island, we’ve helped countless New Zealanders meet their tax year deadlines, minimise their returns and find their financial footing. We’re here for small businesses that need a hand with their tax filing, their cash flow forecasting, or even settling on the right business structure.
Our team provides tailored support to ensure your finances are in order and your business is fully prepared for the NZ tax year season.
Get started in minutes with Beany today, and say goodbye to accountant and tax stress!