New Zealand’s end of financial year for most businesses approaches on 31 March 2025. This date marks the final point for reporting income, expenses, and other obligations for the 2025 tax year. The new financial year begins on 1 April 2025. Most taxpayers without an extension must file their 2025 tax returns by 7 July 2025. Those who have an extension (usually through a tax agent) may file later, provided they follow the extended due date.
Planning ahead and creating a clear schedule will help ensure you do not miss vital steps. It also provides time to discuss your financial status and goals with your accountant or bookkeeper. Below is a summary of the principal dates and what they mean for your business. Let Allan Chartered Accounting help you with GST returns and more as the end-of-year approaches
Key Dates and Tasks
1. By 31 March 2025
Final Day of the 2025 Financial Year
This is when you close your books for the 2025 period. Gather all financial records, including sales, receipts, invoices, and payroll information. It is helpful to complete tasks such as:
- Checking for any uncollected debts and assessing if they should be written off
- Undertaking a stocktake and reviewing any work in progress
- Ensuring all significant transactions are recorded accurately in your ledger
FBT (Fringe Benefit Tax) Year End
The FBT year in New Zealand also ends on 31 March. If you provide fringe benefits, such as personal use of a vehicle or discounted goods to staff, ensure you have all the relevant data for your quarterly or annual FBT return.
2. From 1 April 2025
Start of the 2025–2026 Financial Year
This is when the new accounting period begins. It is the perfect time to review your accounting systems. You may choose to:
- Upgrade bookkeeping software and ensure it aligns with Inland Revenue requirements
- Review last year’s financial performance and plan for improvements
- Evaluate the need for new budgets to manage expenses effectively
Provisional Tax Considerations
If you are a provisional taxpayer, this is a good time to confirm your provisional tax plan for the new year. Payments usually fall on set dates through the year, but the payment schedule depends on the method chosen (standard, estimation, ratio, or AIM).
3. 7 April 2025
In some cases, end-of-year income tax is due by this date, especially if you have particular filing arrangements and no extension in place. This date can vary depending on your registration status and prior agreements with Inland Revenue.
4. 7 July 2025
Income Tax Return Due Date (No Extension)
If you do not use a tax agent, or have not arranged an extension, this is the final day to file your Income Tax return for the year ended 31 March 2025. Missing this deadline can lead to late filing penalties, which may result in additional costs.
Why This Date Matters
Filing on time ensures that if you have a tax bill, you can plan to pay it without incurring extra costs. If you are expecting a tax refund, filing early can help you receive funds promptly.
GST Returns
GST obligations often coincide with the close of the financial year. The precise deadlines vary according to your filing frequency:
- Monthly Filers
GST returns and payments are due on the last business day of the month after the taxable period. - Two-Monthly Filers
GST returns and payments typically fall on the 28th of the following month. For the period ending 31 March 2025, the return is usually due at the end of April or early May. Check Inland Revenue’s official calendar for exact details. - Six-Monthly Filers
GST returns and payments for six-month filers coincide with the final due date set by Inland Revenue after the end of the relevant taxable period.
Accurate GST reporting is critical. Reconciling your GST accounts with your sales and expenses will help ensure the final GST return of the financial year is correct. Seek professional advice if you are unsure about any adjustments.
FBT Returns and Payments
- Quarterly Filers
If you file quarterly, the final quarter (1 January to 31 March) return and payment are typically due in May. Check Inland Revenue’s tax calendar for the exact date. - Annual Filers
Those who file an annual FBT return must submit it and pay any outstanding amount after 31 March. Verify any updates to Inland Revenue rules if your business provides benefits to staff.
Provisional Tax Deadlines
Provisional tax deadlines generally occur several times a year. Common dates include:
- 28 August
- 15 January
- 7 May
Some taxpayers follow alternative schedules, especially if they use the ratio or Accounting Income Method (AIM). Missing a provisional tax payment can lead to interest charges, so planning is crucial. If you need clarity about your payment dates, consult your tax agent or Inland Revenue.
Payroll Filings
Payroll processes require regular filing of employment information. This must be done online within two working days of each payday. Inland Revenue updates each employee’s record of pay and deductions based on these filings. Employer deduction payments (PAYE, Student Loan, Kiwisaver, and similar) are often due on the 20th of the month, although exact deadlines depend on your size as an employer. Larger employers pay more often, while small to medium employers usually file once per month.
Tips for Staying Organised for Deadlines
- Create a Personal Calendar
Mark all key dates (GST, provisional tax, Income Tax return, FBT) well in advance. Reminders in electronic calendars can prevent oversights. - Maintain Accurate Bookkeeping
Up-to-date records of bank statements, invoices, and receipts allow for smoother reconciliation. This saves time when the return deadlines arrive. - Revisit Your Accounting Software
Many cloud-based systems can automate tax obligations. Check if your current platform offers direct integration with Inland Revenue for features such as Pay Day Filing and GST returns. - Seek Professional Advice
Consulting with a Chartered Accountant can be the difference between a smooth tax process and costly errors. If you have complex tax circumstances, or simply want to save time, professional help can streamline your end-of-year tasks.
Planning Ahead
By understanding the key deadlines as the 2025 financial year ends, you can reduce stress, avoid penalties, and stay focused on your core business activities. Early preparation sets the stage for a more controlled approach to company finances, including the chance to correct any errors before they become urgent.
For those in need of expert support, Allan Chartered Accounting is ready to guide you. Our team can help you manage GST, FBT, payroll filings, and income tax obligations. We tailor our services to meet the unique needs of SMEs and larger operations alike. Get in touch today for peace of mind and the confidence that your end-of-financial-year process is in safe hands.