Financial year-end is coming
The end of the financial year is usually 31 March. This is when most small businesses and organisations close their books to calculate their income tax on their profit (their income, minus any expenses).
Generally income tax returns are filed at the end of the first year of business, and paid as a lump sum. After the first year, tax is then paid in instalments, this is called provisional tax.
You can make tax returns easier and save time with our most popular features.
Easy online GST returns
Automatically calculate and file GST returns directly with Inland Revenue. Documents are securely stored to comply with legislation.
Fast bank reconciliation
Bank transactions flow into Xero automatically each business day. Reconciling can be done in just one simple click.
Save time on paperwork
Create and send online quotes and invoices, pay multiple bills in one go. Store the files in Xero for paperless record keeping.
Top tips to make financial year-end easier
Get the right advice
Just like you wouldn’t rely on an internet search for a health diagnosis, the same applies for the health of your business. Talk to your accountant or bookkeeper. They can help answer questions like What sort of tax should I be paying? How much do I need to pay? And When do I pay it?
Plan your tax year
The financial year-end is a good time to ask your accountant or bookkeeper to come up with a tax plan for the new year. They’re in a much better position to lower your tax bill if they can put a 12-month strategy in place. Don't have an accountant or bookkeeper? Find one near you.
There is an easier way
Moving to a platform like Xero makes running your business easier and helps your accountant or bookkeeper do your accounts faster. But it also means that if you keep up with your bank reconciliation and key financial movements and documents during the year, your financial year-end will be a breeze!
Know as you go
Did you know that with accounting software like Xero, you can create a P&L statement or a balance sheet whenever you like? Not just at tax time. This lets you know exactly how your business is performing anytime, and because you’ll automatically have digital records of everything, there’s no need to fear an audit.
Get things in order
Tying up loose ends can make financial year-end much smoother. Make sure you’ve invoiced all customers correctly, and you’ve paid any due bills. Bank any cash and check that all payments have been recognised. Also ensure outstanding bills have been entered into Xero, and all work performed has been invoiced.
With Xero, you're always up-to-date
Log in to the Xero accounting system for up-to-date financials, anytime, anywhere. View and share interactive reports and budgets, all in one place on a customisable dashboard.
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