How Often Do I Need to File Tax Returns for My Business?

How Often Do I Need to File Tax Returns for My Business?

How Often Do I Need to File Tax Returns for My Business?

Running a business in New Zealand comes with tax filing obligations, and keeping up with deadlines is crucial to avoid penalties from the IRD. The type of tax returns you need to file—and how often—depends on whether you’re registered for GST, employing staff, or operating as a company or sole trader.

Here’s a breakdown of tax return deadlines to help you stay compliant and stress-free.


1. GST Returns: Monthly, Two-Monthly, or Six-Monthly

If your business is registered for GST, you must file GST returns with the IRD on a regular basis.

Filing Frequency Options:

  • Monthly – Recommended for businesses with high turnover or cash flow management needs.
  • Two-Monthly (Standard) – The most common option for GST-registered businesses.
  • Six-Monthly – Available for businesses with an annual turnover of under $500,000.

How to Stay on Track:

  • Use accounting software (like Xero or MYOB) to track GST transactions automatically.
  • Set calendar reminders for GST return due dates to avoid late fees.


2. Income Tax Return: Annually (Due After 31 March)

All businesses in New Zealand—whether a sole trader, partnership, or company—must file an income tax return each year.

Key Details:

  • The financial year ends on 31 March each year.
  • Tax returns are due by 7 July unless you have a tax agent, in which case an extension may apply.
  • If you owe tax over $5,000, you may need to pay provisional tax throughout the year.

How to Stay on Track:

  • Keep accurate financial records to ensure a smooth tax return process.
  • Work with a tax accountant to maximise deductions and avoid errors.


3. PAYE (If Employing Staff): Monthly or Twice Monthly

If you have employees, you must withhold and pay PAYE tax on their wages. The filing frequency depends on payroll size.

Filing Frequency:

  • Small employers (less than $500,000 PAYE per year) – File and pay monthly.
  • Large employers (more than $500,000 PAYE per year) – File and pay twice monthly.
  • Returns must be filed via myIR through PAYE filing or payroll software.

How to Stay on Track:

  • Use payroll software to automate PAYE calculations and deductions.
  • Ensure PAYE is filed and paid by the due date to avoid penalties.


Why Staying Compliant Is Crucial

Filing tax returns late can lead to IRD penalties and interest charges.

Avoid These Common Pitfalls:

  • Missed deadlines – Results in automatic late fees.
  • Incorrect filings – Can trigger IRD audits or backdated tax payments.
  • Unpaid taxes – Accrues interest over time, increasing total tax liability.


Final Thoughts

Keeping up with tax filing obligations is essential for staying compliant and avoiding unnecessary penalties. By understanding your tax return deadlines and using the right tools, you can ensure your business meets all its tax obligations on time.

If you need help managing your GST, PAYE, or income tax returns, TaxFix is here to help! We provide expert tax services to keep your business compliant while maximising deductions.

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