End of Financial Year preparation throughout the year and getting yourself and your business ready is important so that your books are in order for your income tax return to properly reflect how your year has been, and make it as easy for you and your WK Advisor/Accountant as possible.
For most businesses in New Zealand the ‘Financial Year’ is from 1 April to 31 March. Businesses are required to submit an income tax return to Inland Revenue in order to calculate how much income tax you’ll need to pay.
Regularly staying on top of your bookkeeping tasks throughout the year is a great way prepare for the End of Financial Year and makes it as easy as possible for yourself and your WK accountant.
It’s good practice to keep all of your records for your business throughout year; your WK accountant won’t necessarily need all of these records, but we might need to query you on some things so make sure you hold onto your records of the follow items:
Check your provisional tax due dates here.
Make sure you do these things for the financial period being closed:
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