26/07/2022
Forgot to file your income tax return by 7 July?
If you do not currently use an accountant or tax agent to file your income tax return, then your return is due to be filed on 7 July each year (for 31 March balance dates). Late filing means a penalty is automatically applied, which can range from $50 - $250 depending on your level of income in the previous tax year. This penalty will be adjusted for the actual net income shown for the current year.
If you have still not filed your return, or made payment by the time payment is due, late payment penalties and interest will also be applied. These are charged at:
* 1% penalty on the day after payment due date
* 4% penalty for remaining tax including penalties on 7th day after payment due date
* 1% penalty every month the remaining tax including penalties is unpaid
* Interest is also applied on top of this
Use an accountant (tax agent) to get an extension of time
Did you know that if you enlist an accountant like ourselves, who is a registered tax agent with Inland Revenue, to file your income tax return, the Inland Revenue grants an automatic extension of time for filing the return to 31 March following your balance date i.e. with a 31 March 2022 balance date, the tax return is due 31 March 2023.
Forgot to file your income tax return by 7 July?
You need to complete an income tax return if you've received any untaxed income. For example, income from self-employment, rental property or cash jobs.
We all make mistakes, but don't delay it any further - file now to avoid penalties.
Learn how at www.ird.govt.nz/7-July
We send a tax pack to everyone we think needs to file an income tax return. If you didn’t receive a pack, and you need to declare untaxed income, please send us a message in myIR.
