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Budget 2024: The Government has announced FamilyBoost, a proposed new childcare payment to help eligible families with the rising costs of Early Childhood Education (ECE). Find out more: Beehive.govt.nz

Getting it right

Income tax - are you doing the right thing?

You need to pay tax on all income earned.  Avoid penalties by accurately recording your income and expenses, filing your income tax returns and declaring and paying your income tax.

Have an outstanding return or debt to pay? File and pay now.

File a Companies income tax return – IR4

File a Partnerships and look-through companies income tax return – IR7

Ways of paying 

Record keeping - are your business records right?

As a business owner, you're accountable for keeping accurate records, even if you have someone else managing this for you (like a tax agent).

Why record-keeping is good for your business

Our data shows that businesses who keep complete and accurate records do well. Keeping good records lets you:

  • keep track of how your business is going so you can make good business decisions that lead to future success
  • follow cash flow and money owed to you while showing your financial position to lenders, insurers and future buyers.

Record keeping

Record keeping checklist - IR1008

Are you telling us about all your sales and income?

While most people try to do the right thing, some do not tell us about all of the income they're earning.

You need to keep a record of all sales, including any cash sales. It's fine to receive cash payments, so long as you record the sale and declare it as income earned in your GST and income tax returns.

We're also aware some people use electronic sales suppression tools (ESSTs) to hide income. ESSTs interfere with the business' sales records by changing the point-of-sale (POS) data to under-report sales and income. 

Make a voluntary disclosure

Consequences of acquiring, possessing or using electronic sales suppression tools

Employing staff - deductions from pay

As an employer you must make deductions from your employee's pay on our behalf.

GST - is your turnover $60,000 or more a year?

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.

Expenses - don't risk over-claiming

We can charge you penalties and interest if you over-claim on expenses.

Find out what you can claim.

Have you told us about your cryptoassets?

If you transfer, store or trade cryptoassets (for example digital tokens, currencies or assets) these may need to be included in your tax return.

Last updated: 15 Feb 2024
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