Income tax Dates
FEB 7End-of-year income tax and Working for Families bills are due, unless you have an extension of time to file your income tax return.
FEB 28Provisional tax payments are due if you have a March balance date and use the ratio option.
MAR 31Income tax returns are due if you have an extension of time
To become, and remain, a look-through company (LTC), a company must meet the following criteria for the whole of each income year:
- It must be a company but cannot be a flat owning company.
- It must be a New Zealand tax resident and not treated as a non resident under any double tax agreement.
- Its owners must have only look-through interests.
- It must have 5 or fewer look-through counted owners, who must be either natural persons or trustees (including corporate trustees). Related shareholders can be counted as a single owner. An ordinary company cannot hold shares in a look-through company, but a look-through company can hold shares in another look-through company.
- None of its owners can be tax charities or a Māori authorities, unless the tax charity or Māori authority are grandparented.
- If foreign owners own more than 50% of the interests in the look-through company, the look-through company must not earn more than $10,000 or 20% of its gross income for the year from overseas (whichever is greater).
If a look-through company does not meet these criteria it automatically stops being a look-through company.
To find out more about who can become a look-through company, check out our guide.