Running a business: The income tax obligations of a business
Filing your income tax return at the end of the tax year
At the end of the tax year you must file an income tax return that includes all your income and your business expenses (including depreciation on fixed assets) for the year. Along with your tax return you must send a copy of your financial accounts or a summary of your income and expenses.
What kind of income tax return?
If you're in business, you'll need to complete and send us an income tax return, and attach either:
- a copy of your financial records, or
- a form that summarises your income and expenses.
The following summary forms may be used:
IR3B - Sole traders and partnerships can use this form to show business income.
IR3F - This form is especially for farming income and expenses.
IR3R - You can use this form to show any rental income you received.
IR10 - This form summarises selected account information from your financial records.
What return to use for income tax:
| Business type | Return form to use | Attachment | ||
|---|---|---|---|---|
| Sole trader | IR3 |
copy of accounts | or an | IR3B, IR3F, IR3R, IR10 |
| Company | IR4 |
copy of accounts | or an | IR10 |
| Estate or trust | IR6 |
copy of accounts | or an | IR3B, IR3F, IR3R, IR10 |
| Partnership | IR7 |
copy of accounts | or an | IR3B, IR3F, IR3R, IR10 |
| Club or society | IR9 |
copy of accounts | or an | IR10 |
You can either download a copy of these returns by going to "Forms and guides" on this page or order by phoning INFOexpress on 0800 257 773.
When must you file the income tax return?
The due date for your tax return depends on your balance date.
- For balance dates between 1 October and 31 March (inclusive) the due date is 7 July.
- For balance dates between 1 April and 30 September (inclusive) the due date is the 7th day of the fourth month after your balance date. For example, a business with a balance date of 1 June would be required to file its tax return by 7 October.
- If a tax agent completes your return there may be an extension of time for filing it - your agent will be able to confirm this for you.
If you do not file tax returns by due date, we may charge you late filing penalties and interest on amounts over $100.
You can generate a list of all the due dates that apply to you with the Due Date Calculator on our home page.
Making payments by the due dates
After we have processed your return, we will send you a statement of account outlining the due dates for your payments. Note that you must pay the tax you owe by the due date even if you don't receive the statement of account before the due date.
Payment difficulties?
The best way to make your tax payments is to plan ahead for them, so you can pay the full amount on time. Find out about your options if you have difficulty in paying.
Date published: 14 Oct 2004
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