Running a business is hard enough — remembering every tax and bookkeeping deadline shouldn’t be.
Key Dates for your Tax Calendar
End of Financial Year
March 31
The financial year officially ends on 31 March. If you use a registered tax agent (a bookkeeper or accountant) you generally have 12 months to file your tax return. This is what we call a substituted accounting period.
For clients using a tax agent, this is the deadline for your 2024 - 2025 tax return (with a valid extension of time). Bookkeepers and accountants are often very busy this time of year.
July 7
Deadline for businesses to file income tax returns that do not use a registered tax agent.
Start of Financial Year
April 1
April 1 is the start of the new financial year in New Zealand and marks the start of a new tax period. 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.
Your business should have a 'year-end procedure' in place for each financial year.
GST Filing
Monthly and Two-Monthly Filers
If you file GST monthly (the most popular method) or two-monthly in New Zealand, it is due on the 28th of the following month. For example, if you're filing for the period ending April 30, your GST return is due on May 28, or if you’re filing for the period of April – May, your GST is due on June 28. The only exception is:
January 15: GST is due for the period ending 30 November
May 7: GST is due for the period ending 31 March
Accounting Income Method (AIM) or Ratio Method
Businesses with a gross income over $5 million that use accounting software are eligible for the AIM method. The AIM method calculates tax based on your actual year-to-date, rather than relying on your previous year.
The Ratio Method is a GST and Provisional Tax option. This allows businesses to calculate and pay tax instalments based on a percentage of their actual income and current GST sales.
Both the AIM method and the Ratio Method are due monthly or bi-monthly.
Six-Monthly Filers
For 6-monthly filers, the two main due dates are:
28 October: For the period April – September
7 May: For the period October – March
Choosing When to File
Deciding the frequency of when to file your GST, generally depends on your circumstances and annual turnover. For businesses with a low turnover (under $500,000 per annum) it may be suitable to file six-monthly, because it’s less likely of an administrative burden. However, for organisations with a higher turnover, filing two-monthly or monthly gives you better control over your paperwork. For businesses with a turnover over $24 million, monthly GST filing is mandatory.
Terminal Tax
Terminal Tax is the income tax due to the IRD, minus what you have paid in provisional tax, PAYE, or withholding tax throughout the year. Terminal tax ensures the correct total of tax is paid for the year, and may include any refunds.
New businesses often face a large terminal tax bill in their second year because they are paying tax for the previous year while also starting to pay provisional tax for the current year.
April 7
April 7 is the deadline for paying Terminal Tax for businesses using a tax agent.
February 7
Deadline for filing your Terminal Tax, if you file your own taxes without a tax agent.
Provisional Tax
Provisional tax is a method of paying income tax throughout the year, rather than in one lump sum at the end of the financial year. This system helps taxpayers manage their cash flow by spreading their tax payments out. In New Zealand, you are required to pay provisional tax if you had a residual income tax (RIT) of more than $5,000 in the previous financial year. The main deadlines for Provisional Tax are:
August 28
January 15
May 7
However, the exact dates can vary depending on your balance date and chosen method of calculation. If you’re GST registered and file a six-monthly GST return, you will only pay provisional tax on October 28 and May 7.
Fringe Benefit Tax
Fringe Benefit Tax can be tricky, but put simply, it is tax paid by an employer on non-cash benefits provided to employees. Examples of these benefits include: discounted goods or company cars. Fringe Benefit Tax is generally paid quarterly or yearly, with payments typically due on the 20th of the month, and annual returns due on 31 May.
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.
Employer deduction payment dates are due on the 20th of each month for small-to-medium businesses that deduct less than $500,000 total in PAYE and ESCT a year.
Running a business is challenging enough without keeping track of every tax and bookkeeping deadline.
Stay on track and never miss an important date — download your free Financial Key Dates Calendar today.
