Your income tax return for the 2019 financial year is due soon.
When to file an income tax return
As a registered company in New Zealand, you need to file an annual return to Inland Revenue, declaring your business’ income and profit for the financial year. The standard financial year runs from 1 April through to 31 March.
You’ll need to file your return by 7 July 2020 to avoid late penalties.
Preparing for your return
Using our services ensures that the complex information you need to declare, such as depreciation and tax adjustments, will be calculated correctly.
But there are certain things you may be able to do to prepare for your tax return.
In your accounting software program, ensure all of the relevant data has been entered and accounted for. This includes:
- Debtors (your clients) – Generate your client invoices for all sales & income up to and including 31 March
- Creditors (your suppliers) – Enter your supplier invoices and receipts for all expenses up to and including 31 March
- Bank accounts – Reconcile the bank balance in your accounting programme with your company’s actual bank balance as at 31 March
As a business, it is important to stay on top of your tax returns and finances. Talk to us today about how we can help you prepare.
