There are some key dates that all Kiwi tax payers should know. Their usefulness may differ depending on your filing requirements and whether you need to file a Personal Tax Summary (PTS) or an Individual Income Return (IR3).
How is a tax year different to a calendar year?
There are two main financial years within New Zealand as well as the typical calendar year which can make things tricky! The Government’s financial reporting year begins on the 1st of July and ends on the 30th of June in the following year. The one that Kiwis generally need to care about is the company and personal financial year, this begins on the 1st of April and finishes on the 31st of March in the following year and it applies to your personal tax returns.
1st of April: The beginning of a new financial year in New Zealand. You can begin applying for your tax refunds for the previous financial year on this date as this is the start of a new financial year.
I have a tax bill. How long before I have to pay?
7th of February: If you do not have a tax agent but are required to pay a tax bill on Income Tax, Working for Families Tax Credits, or your Student Loan from the previous financial year you will need to pay it before this date. Inland Revenue (IRD) will reach out either by letter, email or text message to let you know the amount to pay. This amount can also be confirmed through your MyIR account. If you do not pay before the 7th of February the following financial year then penalties and interest will be applied as your payment is now overdue.
7th of April: If you have a tax agent or accountant then you are provided with an extension of time to pay any Income Tax, Working for Families Tax Credits, or Student Loan bills for the previous financial year. Your tax agent or accountant should let you know before the payment is due. As above if you do not pay your Income Tax, Working for Families Tax Credits or Student Loan bills before this date penalties and interest will be applied as your payment is now overdue.
Click here for further information on how to pay a tax bill or debt to Inland Revenue.
I’ve been told I need to file a return. When do I need to file it?
Some Kiwis are legally required to file an Individual Income Return or a Personal Tax Summary for the income earned within the previous financial year. This may be the case if you’ve received any of the following income:
- Self-employment income.
- Income from a property (rental income).
- Partnership Income
- Trust Income
- Overseas Income
- Any income without tax deducted (cash jobs, under the table)
As tax agents MyTax.co.nz can assess your filing requirements and let you know if you are required to file before a specific date. If you wish to look into your filing requirements you can find more information here.
7th of July: If you do not have a tax agent or accountant and are required to file a tax return (IR3 or PTS) then this must be filed before this date. If Inland Revenue have sent you a tax-pack and you do not file a return or contact them regarding an approved change in balance date then you may be charged a late filing penalty.
31st of March (following year): If you do have a tax agent or accountant and are required to file a tax return (IR3 or PTS) then this must be filed before this date. Your tax agent or accountant will let you know before this date that you are required to file and the expected result of filing. If an agency or accountant finds a tax to pay amount and you choose not to file this, late filing penalties and interest may be applied.
I’m GST registered! When do I need to pay, what dates should I look out for?
If you’re self-employed and GST registered then you will need to be aware of when you need to file your GST returns and send any payments owing to Inland Revenue. If you’re filing your GST returns yourself or an accountant is doing this for you, it’s important you are aware of these dates.
28th of each month: Inland Revenue will send your GST return to you in the final week of each taxable period. From there you have until the 28th of the following month to send in both your GST return and any payments to Inland Revenue if you are on a Monthly GST filing schedule. This means that if you need to file a return for the September taxable period then you must send in both your GST return and payment by the 28th of October.
You can also be on a bi-monthly or six-monthly schedule, payments are still due on the 28th of each month after which the taxable period ends.
15th of January: If a GST return and payment is generally required by the 28th of December, then Inland Revenue allows until the 15th of January for this to be filed.
7th of May: If a GST return and payment is generally required by the 28th of April, then Inland Revenue allows until the 7th of May for this to be filed and paid.
If you are GST registered we do recommend seeking the help of an accountant, they can make sure you pay the correct amount and on time!
Important dates for employers!
20th of each month: This is the date most employers will need to complete their two employer returns for the previous month. The first return is an employer deductions return (IR345) to record and pay deductions from your employee’s pay (including PAYE). The second is an employer monthly schedule (IR348) to provide the pay details of your employees.
This can be important if you are waiting on any updated income information when filing any income tax returns. If you see that your earnings information doesn’t look correct on MyIR or in any correspondence a tax agent or accountant provides then you will need to follow up with your employer directly to ensure they’ve filed the correct information.