Whip your end of financial year into shape

Make sense of your tax returns and refunds. These handy resources are here to help small businesses get through the biggest time of the year.

Helpful resources

We’ve found the best tax return calculators, articles and videos to get you through end of financial year.

When are tax returns due?

7 July is the due date for filing an income tax return but if you have a tax agent or a non-standard balance date, this may be different. The new financial year starts on 1 April and runs through until 31 March.  

Other important dates


Figure out how much tax you owe

You need to pay tax on everything your business earned, minus your expenses. It’s easy to work out how much that will be with this Inland Revenue tax calculator. There are four main types of business – sole trader, partnership, company or non-profit organisation – find out which you are and how much tax you need to pay. This figure won’t include the ACC tax levy you’ll need to pay, you can calculate that here.

Calculate your tax

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What expenses can you claim?

Anything you pay for to help run your business can be claimed back as an expense. Xero makes it easy to keep track of all the little bits of paper by taking photos of expense receipts directly with the app.

Expenses can include:

  • purchases of supplies or inventory to make a product or to sell to a customer
  • rent on the office or space you work in
  • payment of salaries or wages to people working for your business

If you work from home, work out the percentage of the costs of the house you can claim back. Claims on capital expenses – things like vehicles, computers or land – are calculated by depreciation. Find out how much you can claim on these purchases this year with this depreciation guide.

Make sure you don't claim personal expenses as business expenses, it’s against the law.

Learn more

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Write it off

If you can’t recover money from outstanding accounts, write them off before 31 March to reduce your tax.

Check your stock to make sure you’re not paying tax on anything that is damaged or can’t be sold. You can write this stock off. Plus, if you have less than $10,000 worth of stock (excluding GST) at the end of financial year, you don’t need to include it for tax purposes.

If you’ve made donations to a charity organisation, you can claim your tax credit for donations.

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Think ahead

Are there any major repairs, or new equipment you need for your small business? Maintaining or replacing these now means you can get the tax deduction early. Likewise, buy your plane tickets, pay for some advertising and top up the stationery now.

Learn more


Getting a tax refund

Getting a tax refund can make a big difference to you as a small business owner. Find out ways to maximise your chance of getting a tax refund and ways you can use your tax refund to boost your business this financial year. 

Learn more


Is AIM right for your business?

The Inland Revenue is simplifying provisional tax with a new accounting income method (AIM). Calculated through your Xero account, this simple, pay-as-you-go system will help you spend more time on the details you love instead of worrying about tax. If your business has a turnover of less than $5m, speak to your advisor to see if AIM could be right for you.

Learn more

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Small business basics

If you're new to business, Inland Revenue has created a road map to help make sure you’re headed in the right direction. The guide includes articles on managing your business tax, GST and everything you need to know as an employer.

Read on


Payroll made easy

Employing people means managing payroll, but luckily that doesn’t have to be difficult. Xero’s easy-to-use payroll software lets you organise all your business finances in one place. This Xero add-on seamlessly uploads reports to Inland Revenue and makes end of financial year easy. Whether you’re outsourcing or doing it yourself, this video has some key tips and best practice tasks including reconciling payroll, year-to-date summaries and end of financial year reports.

Watch it now

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Switch to Xero this financial year

If you’re ready to make the move to Xero, the beginning of the new financial year is the best time to start. Xero’s automated features take care of filing and make staying compliant simple. Make your next financial year different, trial Xero free for 30 days.

Try Xero for free

EOFY checklist

Time flies when you're running your own business. Keep on top of your end of financial year preparations with this handy checklist. It will help you take on the biggest job of the year without the stress.

Tick it off
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