Income Tax & ACC

STEP 5 - Income Tax

• Annual Returns / Income Tax Returns - Every year after 31 March,
• An income tax / annual return will need to be prepared and filed to determine your net profit or loss and Income Tax liability if any.
• Provisional tax
  • "Provisional tax helps you manage your income tax by paying it in instalments during the year. It lets you "spread the load" and avoid having a big amount to pay at the end of the year." IRD
  • "It’s a good idea to consider making voluntary payments to ensure your amount of tax to pay at the end of the year stays manageable. This will also help if you need to pay provisional tax for your second year in business." IRD