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Delays to response times: It is taking longer than usual for us to answer calls and myIR messages. This is because of the demand for COVID-19 business support, and the impact COVID-19 is having on our teams. We appreciate your patience and will respond as soon as we can. If possible, please contact us through your myIR account. Log in to myIR

COVID-19 Support Payment (CSP): Applications for the CSP are now closed. Due to the large number of applications for the CSP, there may be a delay in approving some applications. Find out more about the CSP

Budget 2022: The Government has announced Budget 2022, which includes changes to child support payments. Find out more on our Tax Policy website

Budget 2022: The Government has announced a Cost of Living Payment, which will be paid from 1 August 2022. You do not need to apply for this payment. If you are eligible, we’ll pay it into your bank account. Find out more

Your company (including your look-through company) may need to prepare financial accounts for us. Your annual revenue and assets determine the minimum financial reporting requirements your company must meet.

Companies who prepare minimum financial reports

You can prepare your company's financial statements to the minimum if in each of the last 2 accounting years either:

  • total income is $30 million or less
  • assets are $60 million or less.

These levels apply to all companies in a group if its parent company is incorporated in New Zealand.

If your company is a subsidiary of a multi-national company, it must meet the minimum financial reporting requirements if in each of the last 2 accounting years either:

  • total income is $10 million or less
  • assets are $20 million or less. 

If your company is a subsidiary of a New Zealand company that prepares consolidated general purpose financial reports, your financial statements must meet the minimum financial reporting requirements.

Companies who must prepare financial reports to a higher standard

Your company must prepare financial accounts to a higher standard if it:

  • has an annual revenue of more than $30 million or assets of more than $60 million in each of the last 2 accounting years
  • is a New Zealand subsidiary of a multinational with total income of more than $10 million or assets of more than $20 million in each of the last 2 accounting years.
  • is an issuer
  • has ten or more shareholders, unless they opt out of reporting to a higher standard  
  • has fewer than ten shareholders who opt in to reporting to a higher standard.

If you need to prepare financial statements to a higher standard you must prepare general purpose financial reports using the External Reporting Board (XRB) standards. You do not need to prepare separate financial accounts for us.

Small company reporting exemption

Your company does not have to prepare financial statements if during the income year all of the following apply:

  • It was not part of a group of companies.
  • It had not derived income of more than $30,000.
  • It had not incurred expenditure of more than $30,000.

Your company will still need to keep:

  • tax records to calculate taxable income, expenses and GST, if you're GST registered
  • employer records for employment related taxes, if you're an employer.

Non-active company reporting exemption

If you have declared that your company is non-active, you do not have to prepare financial statements. It also means that you do not file income tax and imputation returns.

Complete a Non-active company declaration - IR433

Last updated: 17 Jun 2021
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