We have everything in one place, so you're always ready for tax time.
End of Financial Year (EOFY) in New Zealand runs from 1 April to 31 March. The End of Financial Year is an important time for all businesses. You'll need to make sure your books are up to date, complete tax returns and plan for the new financial year.
MYOB helps create a smart and organised system that makes tax time easy.
Stay ahead with the key EOFY dates you need to know
Unsure when you need to make payments for GST, income tax and employer deductions to the IR? We've created a handy overview for you right here.
February key dates
February 5
Employer deductions payment due for 16 to 31 January
FBT income year and payment are due
End of year income tax and Working for Families bills are due, unless yor tax agent has an extension
20 February
Employer deductions payment due for January for small to medium employers
Employer deductions payment due for 1 to 15 February for large employers
28 February
Provisional tax payments are due if you use the ratio option
Provisional tax instalments due if you use AIM option and file GST on monthly, two-monthly or six–monthly basis or you are not registered for GST GST return and payment due
Note: If a due date falls on a weekend or public holiday you can file or pay on the next business day without incurring penalties.
Complete your details below to download our free resource guide
Not sure where to start with completing your EOFY obligations? We get it, it can be overwhelming.
We’ve developed an expert guide with helpful tips and what to expect from this EOFY so you can feel confident that you’ve checked everything off the list.
We take care of your GST, so you take care of business
MYOB knows the rules of the tax game, so you don't have to spend time worrying about them.
We've got PAYE sorted, so you get payrollin'
MYOB automated PAYE management, so you can say goodbye to messy manual admin at EOFY
We simplify reporting, so you get solid insights
MYOB gives you automated, real-time reports and budgets, so you get essential insights into your finances
Explore these EOFY blog articles
Key things to get on top of for EOFY
There’s nothing like a bit of EOFY pressure to really get you into gear. Here are five key things to get on top of for your end of financial year.
It’s your first year in business – Here’s what you need to know about EOFY
EOFY can be a stressful time especially if you’re in your first year of business. But you don’t have to feel like you’re lost in the wilderness, here's why.
Your key tax dates for end of financial year and beyond
It's EOFY time so that means being aware of the key dates that could affect your business. Stay up to date with this handy schedule.
Are you an MYOB customer?
It's easy to get started with MYOB Business Lite
MYOB Business
- Create and send unlimited professional invoices and quotes
- Connect up to 2 bank accounts
- Add payroll for up to 2 employees (extra $1.50/month per employee)
- Track income and expenses
- Track and report GST
- Snap and manage receipts
- Manage tax and basic reports
- Accept online payments
- Track jobs
Frequently asked questions
When is End of Financial Year?
The Financial Year in New Zealand runs from 1 April to 31 March During end of financial year is when most businesses are required to submit a tax return to the IRD. A tax return is a summary your business income and expenses submitted. After you have submitted your return, the IRD works out if you’ve paid the right amount of tax, if you have tax to pay, or if you're due a refund.
What key tasks do I need to do at EOFY?
Before End of Financial Year it's a good idea to get your books in order ready for your income tax return, to ensure your paperwork accurately reflects how your business has performed.
Some of the tasks you will be required to complete over EOFY:
Ensure all business records are up to date; making sure all invoices are entered and
reminders have been sent for overdue payments
Track all expenses and organise receipts. You can claim tax back on business expenses. The IRD requires you to keep a record of income and expenses for 7 years.
Finalise payroll and review salary and wage information for any legislative updates
Speak to your accountant or bookkeeper, or invite them to your MYOB software
Complete any stocktake and any stock adjustments
Review reports to see how your business has performed and set goals for the new financial year
How are tax return payments calculated?
If you owe less than $5,000 income tax to IR you'll just be required to make one payment at the end of the tax year. If you owe more than $5,000 of income tax to IR from your last return, you'll need to pay provisional tax in instalments during the following year after your tax return. There are four ways to work out your provisional tax - the accounting income method (AIM), estimation, ratio and standard options. The standard option is used if you do not choose one.
AIM (the accounting income method) - pay in smaller amounts through the year (your accounting software will calculate this for you)
Standard - based on your last years tax + 5%
Estimation - you submit an estimation amount for the next tax year
Ratio - based on a % of your GST sale each two-month period during the current year
What is GST and how does it work?
GST is a tax, usually 15%, charged by GST registered businesses on the supply (sale) of most goods and services in New Zealand. Businesses are required to register for GST if their annual turnover is more than $60,000 in the last 12 months or is expected to be more in the next 12 months. Once you are registered for GST, you need to file GST returns with IRD either (monthly, bi-monthly or bi-annually).
What type of expenses can I claim at tax time?
Businesses get taxed on their income minus any business expenses, therefore making sure you are recording all your business expenses can help reduce your tax payables.
Business expenses can include anything purchased to help run the day-to day of your business, equipment purchases such as computers, machinery, vehicles, rent, home office expenses, uniforms, mobile phones etc. View a full list here.