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Tax

Year-End Tax Reminders for a Stress-Free Holiday

Carmen Horn
December 6, 2023
The holiday season is upon us, and we're all looking forward to a well-deserved break. While we've navigated a year filled with increased interest rates, inflation, and other financial challenges, it's crucial not to forget some important tax matters before we say see ya later to 2023. Here are some of the most important tax reminders and considerations you'll need to keep in mind.

Income Tax due dates for the year ending 2023:

If we handle your taxes at BOM, you're in good hands. The due date for your income tax return is 31 March 2024 but we're already hard at work to ensure everything is in order for you.

When working with an accountant, you'll have a year to pay your taxes from 31 March. If you're managing your own tax return, your due date will be July 07. With this date in mind, it's time to start preparing for 2024. Alternatively, buy yourself some extra time and save the stress by asking BOM to take care of it on your behalf.

2024 Provisional Tax - 2nd payment:

The second payment for the 2024 Provisional Tax is looming - mark your calendars for 15 January 2024!

How do you know if you owe Provisional Tax? If you owed more than $5,000 in tax for the 2023 financial period (31 March 2023 tax year), you're subject to Provisional Tax, and it's time to make the payment. Don't fret; BOM will send you a reminder if we're taking care of your taxes!

Paying GST:

Good news! The GST returns for the October/November 2023 period have an extended due date of 15 January 2024, courtesy of IRD (thanks IRD). For the November/December 2023 period, your GST is due on 28 January 2024.

Gifting to clients this Christmas?

Did you receive a thoughtful client gift (perhaps from BOM?), great! But what's the tax impact of giving and receiving gifts?

  • Receiving a gift: There's not really anything for you to worry about - Just enjoy it!
  • Giving a gift to your customers: This is a perfect opportunity to give a gift and enjoy tax benefits!

Some gifts are 100% tax-deductible, while others are only 50% deductible. It's essential to know the difference.

Your gift-giving guideline when it comes to tax benefits:

Want to treat your staff to a gift?

Planning to reward your hardworking team with Christmas bonuses? Remember that these need to go through the payroll system, and PAYE will be deducted. If you're considering gifts for your employees, you should also think about the Fringe Benefit Tax (FBT).

What is Fringe Benefit Tax (FBT)?

It's a tax that is payable when non-cash benefits are provided to employees, but don't worry, FBT is only applicable if:

  • The gift's cost exceeds $300 (including GST) per employee in one quarter.
  • The total combined benefits given to all employees in a year do not exceed $22,500.

It's important to note: You can claim the GST and the item as an expense for tax purposes if the gift is NOT entertainment.

Claiming your office Christmas party?

You might have already had one, or you're hopefully in full planning mode for an epic party! Similar to giving entertainment as gifts, certain items are 100% deductible and other items are only 50% deductible. Here's a guide to remember:

As the holiday season approaches, take a moment to consider these tax reminders and make informed decisions. If you get stuck along the way, reach out for an obligation-free chat with one of our friendly accountants to find out what may be applicable to you.

Carmen Horn
December 6, 2023

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