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
Qualifying companies have tax rules that aim to treat the company and its shareholders as one entity.
You cannot choose for your company to become a qualifying company. Only companies that were already qualifying companies before their income year started on or after 1 April 2011 can still be qualifying companies.
Qualifying companies have certain special tax requirements:
- Shareholders only pay tax on dividends with imputation credits attached.
- Capital gains can be distributed tax free without winding up the company.
- Interest that shareholders have paid to acquire shares cannot be fully claimed as an expense against their income.
- Qualifying companies that make a profit can only receive a loss offset from and make a subvention payment to another qualifying company.