Believe it or not, we're already into the third month of a new year, and you know what that means - tax season is swiftly approaching. March 31 marks the end of the tax year in New Zealand, a time to take stock of your business' financial position and make sure you are well placed to meet your obligations.
If the date has crept up on you, don't panic! You may not need to do anything just yet. Think of this as a reminder of what's to come in later months so you can get a head start on your tax payment strategy.
Organising your business for tax deadlines
One of the most important preparations you can make for tax season is also one of the simplest - know when the deadlines are. The Inland Revenue Department has key date calendars on its website. The following relevant links can help:
Hopefully you or your accounts person will have been conscientious in their record keeping for your organisation, so all of your receipts will have been diligently added into your business accounting software. If that's not the case, however, why not use the end of March as an excuse to get any neglected paperwork in order?
Leaving all of your individual responsibilities to the last minute will only add to the pressure when the already stressful tax deadlines arrive, so scattering important tasks throughout the course of the year can make things easier for everyone involved.
If you have made it this far but are struggling to keep track of all your finances, don't forget the Accomplish team are here to help you with any questions about CashManager, while your accountant is there to help you with any tax questions.