1. Home
  2. Other
  3. EOFY – New Zealand

EOFY – New Zealand

The financial year for New Zealand is 1 April xxxx – 31 March xxxx.

Productions report their monthly gross payroll and tax deductions thereon to IRD through the filing of the monthly employer forms (i.e. IR348s and IR345s).  Therefore, there are no further particular payroll issues or IRD reporting to deal with at the end of the financial year.

In terms of the company’s annual accounts and tax return, you need to make sure that you have a clean cut-off at 31/3/xxxx in mydaEs e.g. you can produce a 31/3/xxxx trial balance, general ledger etc for the external accountant that only include the previous financial year transactions and no transactions for the new financial financial year. To achieve this, use the “Document Date” reporting field for each of these reports. In other words, if you still have some 2017 transactions to enter e.g. bank fees, bank interest received/RWT etc, you should enter these with a document date of 31/3/17, or earlier.  It is also recommended to do a bank reconciliation, tying the bank balance at 31/3/17 back to the bank statement balance at that date.

Once completed, take a backup copy of the datafile and label it accordingly and keep on your computer for future reference if required.

All of the above may or may not coincide with a roll-over into a new period.  It’s good if you can, but it’s not always possible to match up the end of the financial year with your cost reporting/rollover e.g. where the financial year finishes mid-week.

Was this article helpful?

Related Articles