We know most businesses do the right thing, but we also know there are those that don’t.
Don’t risk it, check the information below so we can help you get it right.
Sales and income - are you telling us everything?
You need to keep an accurate record and report all income earned, including cash sales, when filing your tax returns.
Ignoring overdue returns or debt payments will only make things worse.
You can file overdue returns and pay your tax debt in myIR.
Can't pay it in full? You can set up a repayment plan.
Record keeping – are your business records right?
Business owners must keep accurate records, even if someone else, like a tax agent, manages these for you.
Records need to include:
- All sales, including cash sales and expenses.
- Employee details and wages, including PAYE and deductions.
Accurate records make calculating GST, declaring sales and filing returns easier.
Got it wrong in the past? Talk to your tax advisor about making a voluntary disclosure.
Voluntary disclosures can help lower shortfall penalties.
As an employer you are obligated to make deductions from your employee's pay on our behalf. Deductions include PAYE, KiwiSaver, student loan and child support.
If you’re self-employed or running a business, once you earn over $60,000 a year you need to charge 15% GST on your sales and income and pay it to us.
Businesses get taxed on their income minus any business expenses and other claimable deductions. You need to keep records of your expenses and income.
Do you offer benefits to employees or shareholder-employees? For example, motor vehicles available for private use? You may need to pay fringe benefit tax (FBT) on these.
Did you take out a Small Business Cashflow Scheme loan during COVID-19? Check your loan balance and start making repayments. You have 5 years from your loan’s date of approval to pay off the loan.
Tax evasion and fraud - know someone who isn’t paying their fair share?
If you know someone who is doing undeclared work, or paying less tax than they should, let us know anonymously.