End of Year Tax Planning – March 2023 Take Note


Another financial year is upon us. They come around so quick!

The annual checklists are ready for you to complete and bring in with your information, so that we can get your 2023 accounts and tax returns done. Please remember to wait until you have all your information before sending it to us.

We can now get your interest and wages/salaries from Inland Revenue.

Please sign the checklists, as this gives us permission to do the work.

The checklists are also available on our website on our Resources page.

End of Year Tax Planning

There are several things you can do to help us get your annual accounts correct including:

  • Review last year’s Schedule of Fixed Assets, let us know if any assets have been scrapped, sold, or traded in.
  • Do a stock take and remember to value the stock using GST exclusive prices. You can use Cost, Replacement Price, or Market Value to calculate the value of your closing stock, we recommend cost for most situations.
  • Bad debts: make sure that any bad debts have been written out of the debtors’ ledger by the 31 March 2022, so that we can claim them as an expense.
  • Count livestock on hand on 31 March 2023.

Rental Property Interest Changes

If you bought a rental property any time after 27 March 2021 you can no longer claim interest on a loan taken out to purchase the property, unless it is a new build.

If you bought the property before 27 March 2021, the interest you can claim for the year ended 31 March 2023 is 75%.

Anti-Money Laundering

New legislation for the new Anti-Money Laundering and Countering Financing of Terrorism Act 2009 came into effect on October 1 2019. This means we need to formally gather information to verify the identity and address of our clients. If necessary you may need to bring in your passport or drivers licence and proof of address (not more than 3 months old) such as a utility bill or bank statement.

Flexitax: Pay when it suits you, not when the IRD tells you to

We would like to make our clients aware of an IRD-approved payment option being offered by Tax Management NZ (TMNZ) that provides greater flexibility around how and when you make your income tax payments, without incurring late payment penalties.
Those who have terminal to pay on 7 April due to underpaid provisional tax for the 2022 income year may want to consider using Flexitax.
Deadlines – Clients with a 7 April terminal tax date have until 18 June to settle their 2022 income tax liabilities using Flexitax. If you have a 7 February terminal tax date, you have until 18 April.
Please contact us if you would like to know more about TMNZ and its payment options.

Other Services We Offer

  • Complimentary Client Review
  • GST Return completion
  • Payroll Processing
  • New Company Incorporations
  • Business Plans
  • Preparation of Budget and/or Cashflow
  • Quarterly Coaching
  • Trust Review
  • Xero Training

If you would like to discuss our other services, please email rachel@liddellcrook.nz or call us on 03-352-1076

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