Note 7 - Refundables and payables (2023)

Income tax Dates

FEB 9

End-of-year income tax and Working for Families bills are due, unless your tax agent has an extension of time to file your income tax return.
MAR 2

AIM instalments are due if you have a March balance date.
MAR 2

Provisional tax payments are due if you have a March balance date and use the ratio option.

All Income tax dates

Refundables and payables are financial liabilities and are recognised at their nominal value as they are due within 12 months. The nominal value is considered to approximate their fair value.

Taxes refundable represent refunds due to customers.

KiwiSaver payable mainly represents the annual government contribution payments to be paid in July 2023. The balance also includes a small amount of contributions yet to be forwarded to scheme providers at balance date.

Refundables and payables by amount for 2022 and 2023.

Actual 2022 ($000)

Refundables and payables

Actual 2023 ($000)

$4,476,574

Taxes refundable

$5,164,482

$975,524

KiwiSaver payable

$1,005,823

$14,535

Paid parental leave payable

$16,480

$5,466,633

Total refundables and payables

$6,186,785