Get your income tax return right and file on time
Find out whether you need to file and what recent changes may affect how you complete your income tax return for the tax year ended 31 March 2023.
If you've received an income tax return but believe you don't need to file one (for example if you've only earned salary and wage income and no additional untaxed income), please send us a message in myIR or call us so we can update your details.
Know what to file
You need to complete an individual income tax return at the end of the tax year if you received more than $200 (before tax) in income that we have not been told about.
We generally know about any taxed income you received during the year, like from salary or wages. But we do not always know about untaxed income. You'll need to declare any untaxed income, like from:
- rental property including Airbnb and Bookabach
- taxable property sales
- 'under the table' cash jobs
- an estate, trust, or partnership
You'll need to pay tax to New Zealand on the income you earn from New Zealand sources if you're a non-resident.
We generally know about any taxed income you received during the year, like from salary or wages. But we do not always know about untaxed income. You'll need to complete a non-resident individual income tax return if you:
- received income from New Zealand that was not taxed
- received income from New Zealand that was taxed at the wrong rate, or
- had losses or excess imputation credits carried forward from the previous year.
If your company is a New Zealand resident for tax purposes, and is active in New Zealand, you'll need to complete a company income tax return at the end of the tax year.
You may need to give us financial information about your company in your tax return, or in other financial reports.
If you're no longer trading, you still have to file returns unless you complete a non-active company declaration.
You need to complete a trust and estate income tax return if you are a trustee of a trust, or the executor or administrator of a deceased person's estate, to account for any income the trust or the estate earns.
If you meet the criteria, you can declare a trust as non-active. If your application is approved, you will not have to file income tax returns for your trust.
In 2022 changes were made to the annual reporting requirements for trusts. Most trusts are now required to provide more information in their tax returns. Check what additional information you need to provide.
Partnerships file partnership and look-through company income tax returns each year. These returns show how much profit or loss was shared between each partner.
Partnerships do not pay income tax on their profits. Instead, the profit or loss is shared between the partners. The partners separately pay income tax on any profit, and they can also claim any partnership losses against their own personal income.
Each partner also needs to file their own Individual income tax return showing their partnership income or losses.
All Māori authorities must file a Māori authority income tax return each year unless a non-active declaration has been completed.
New Zealand clubs and societies must file a Clubs or societies income tax return every year unless they have an income tax exemption.
Your club or society may be able to claim tax benefits if it's being run as a not-for-profit. This could include paying less or no tax and not having to file income tax returns. Your club or society needs to meet certain requirements and you'll need to apply to us to be approved as a not-for-profit.
Financial support might affect how you file your return
If you received a wage subsidy, leave subsidy or short-term absence payment during the 2023 tax year you’ll need to declare the income on your income tax return. This includes payments that you may have received through another entity (e.g. a company, partnership, or trust).
If you file in myIR, the wage and leave subsidies you have received should appear automatically in the 'Government subsidies' field of your return. You just need to check the amount is correct.
The grant from the Ministry of Culture and Heritage for self-employed persons (the Cultural Sector Emergency Relief Fund) will not be automatically included in your return. It must be declared in the 'Government subsidies' field if you received it. If there is already a balance in this field, you will need to add the grant to it.
You should not include the Resurgence Support Payment (RSP) or the COVID-19 Support Payment (CSP) as income in your income tax return. These payments were made to assist with paying business expenses, which means that your expenses must be reduced by the total amounts of RSP and CSP received.
If you haven't spent the RSP or CSP on business expenses, the payments will likely need to be paid back.
You can claim the interest you've paid on your SBCS loan as a business expense in your tax return.
Claiming mortgage interest for residential rental properties
Interest limitation rules apply to residential rental properties unless an exclusion or exemption applies.
For residential rental property acquired before 27 March 2021, the ability to deduct interest is being phased out between 1 October 2021 and 31 March 2025.
For residential rental property acquired on or after 27 March 2021, no interest can be claimed from 1 October 2021 onwards unless an exclusion or exemption applies
You'll need to give us more information if you're claiming interest deductions. You'll need to complete a Rental income schedule - IR3R (unless you're an IR4 or IR9 filer, in which case you'll need to complete a Financial Statements Summary IR10). You can then copy the amounts from the IR3R (or IR10) into the relevant fields on your income tax return.
If you have a refund or tax to pay
Once we receive all of your information, we'll work out if you're due a refund or if you have tax to pay.