The NZ & AU financial year: key dates
New Zealand's financial year runs from 1 April to 31 March. Australia's financial year runs from 1 July to 30 June. For most small businesses, the period from February to April is the busiest time for accounting - you're wrapping up the current year's books while also managing the transition into the new year.
The good news is that if you've kept up with your bookkeeping throughout the year, the end-of-year process is straightforward. If you haven't, this checklist will help you work through what needs to be done - and give your accountant the cleanest set of records possible.
Your accountant sets the deadline
While the financial year ends 31 March, your accountant will have their own deadline for receiving your records - often 30 April or later. Check with them early so you know what's expected and when.
Bookkeeping checklist
Work through these items before handing your records to your accountant:
Bank reconciliation
Reconcile all bank accounts up to 31 March. Every transaction should be matched and categorised. Your closing bank balance in your accounting software should match your bank statement exactly. If you have multiple accounts - business cheque account, savings, credit card - all need to be reconciled.
Outstanding invoices
Review your accounts receivable. Are there invoices that are significantly overdue? Make a decision on each one: chase the payment, write it off as a bad debt, or flag it for your accountant to advise on. Leaving large overdue invoices unresolved distorts your income figures.
Accounts payable
Check that all bills you've received have been entered and either paid or recorded as outstanding. Your accountant needs to know what you owe as at 31 March, not just what you've paid.
GST return
If your GST period ends on 31 March, make sure your return is filed and paid on time. If it doesn't align with the financial year end, ensure all transactions up to your last filing date are reconciled and correct. Check Inland Revenue's current GST filing guidance for the due date that applies to your taxable period.
Records to gather
Your accountant will need the following to prepare your annual accounts and tax return:
- Bank statements for all accounts (January-March at minimum, full year if not already provided)
- Copies of any significant asset purchases - equipment, vehicles, property improvements
- Loan statements showing the balance as at 31 March and interest paid during the year
- Details of any stock on hand at 31 March (if your business holds inventory)
- Motor vehicle logbook if you're claiming vehicle expenses
- Home office records if you work from home
- Any income that may not have gone through your business bank account
| Task | Who does it | Deadline |
|---|---|---|
| Reconcile all bank accounts to 31 March | You | Before sending to accountant |
| Review and resolve outstanding invoices | You | Before sending to accountant |
| Gather asset purchase records | You | Before sending to accountant |
| File final GST return (if period ends 31 March) | You | 28 April |
| Send records to accountant | You | Check with your accountant |
| Annual accounts prepared | Accountant | Varies |
| Income tax return filed | Accountant | 7 July (standard) or later with extension |
Common end-of-year oversights
Forgetting about depreciation. If you've bought assets during the year - a vehicle, computer equipment, tools - your accountant will need to calculate depreciation. Make sure you have invoices and purchase dates for everything.
Missing cash transactions. If your business receives any cash payments, make sure they're all recorded. Cash income that isn't in your books is both a bookkeeping problem and a tax compliance issue.
Personal expenses in the business account. Review your transactions for any personal purchases that have been run through the business account. These need to be identified and either repaid or treated as drawings - not left sitting as business expenses.
Not backing up your data. Before the end of the year, make sure your accounting data is backed up. If you're using cloud software, this happens automatically - but if you're on desktop software, do a manual backup and store it somewhere safe.
Official record-keeping guidance
Good year-end preparation starts with complete records. Inland Revenue requires businesses to keep records of cash and non-cash sales and expenses, including electronic records, for at least seven tax years. See Inland Revenue's record-keeping guidance for the current requirements. Australian businesses should also check the ATO's digital record-keeping guidance, particularly before changing software or relying on cloud storage.
Year-end with CashManager Cloud
CashManager Cloud keeps your books reconciled throughout the year, so there's no end-of-year scramble. Your accountant can log in directly to review your records, run reports, and ask questions - without you needing to export files or schedule meetings just to share data.
If you want to make sure your books are in good shape before 31 March, call us on 0800 707 111. We're happy to do a quick review with you over the phone.